Are You Aware Of These Weird Facts About Coronavirus Stimulus Checks?
Stimulus checks have been in the news since last year after Congress approved the first round of payments under the CARES Act. Though a lot has been reported about the stimulus payment, many people are still not aware of a few interesting facts about the coronavirus stimulus checks. Q1 2021 hedge fund letters, conferences and […]
Stimulus checks have been in the news since last year after Congress approved the first round of payments under the CARES Act. Though a lot has been reported about the stimulus payment, many people are still not aware of a few interesting facts about the coronavirus stimulus checks.
Interesting Facts About Coronavirus Stimulus Checks
One very interesting fact about the coronavirus stimulus checks is that if the IRS overpays you, you may not have to return the difference amount. For example, if you made more money in 2020 than in 2019, and the IRS uses your 2019 taxes to determine your eligibility, then you would not be expected to return the payment.
On the other hand, if you received the stimulus payment of someone who died, or for a dependent who is claimed by someone else on their taxes, then you are expected to return the money.
Another very interesting fact that many may not be aware of is that the stimulus checks come with an expiry date. However, not all checks come with an expiry date, only the paper checks. As with all US Treasury checks, the paper stimulus checks come with a one-year expiry. But, even if you miss the deadline, there is nothing to worry about as you can always request a replacement.
In case your stimulus check got lost, destroyed or stolen, you can always request a replacement check or card. For this, you need to contact the IRS and request them to re-issue the stimulus check or the EIP debit card.
Dependent Related Facts
There are also some useful facts when it comes to the dependent payment. Both parents who share the child’s custody can get the stimulus check. This means parents, who are not married but share the custody of a child, are entitled to the dependent payment for the same kid.
However, there is a catch. They must have claimed the kid as a dependent on their taxes in alternate years. It must be noted that this loophole was valid only with the first two rounds of stimulus checks.
Another interesting fact is that you are entitled to more payment if you had a new dependent in 2020. This means if you had a baby, or added a new dependent on your 2020 federal tax filing, you can rightfully claim an additional dependent payment.
Similarly, you are entitled to more payment if you had a baby in 2021, or added a new dependent this year. However, you will have to wait until next year to claim the dependent payment for 2021.
Another dependent related interesting fact is that 13.5 million more dependents qualify for payment with the third round of stimulus checks. Under the CARES Act, 69.8 million dependents qualified for the payment.