Ask Bob: How Do I Get My Economic Impact Payment?

Robert Powell, CFP®

Question

I never received my stimulus check because I made an error on my tax return. What should I do?

Answer

Assuming that you filed a Form 1040X to amend your return, you should still receive your stimulus check this year, but it will be delayed, says Mindy Cleaveland, a certified financial planner with Modera Wealth Management.

Typically, she says, amended returns take up to 16 weeks for processing, but with the July 15 filing deadline and the limited staff due to the virus, it’s likely this will take longer. “I have not found any updates yet from the IRS about the timeframe for processing checks after an amendment has been made,” she said.

If you filed a new Form 1040 to amend your return, Cleaveland says you may experience additional delays. “In general, it typically takes longer for the IRS to process an amendment sent in this way,” she says.

Note: You can check the status of your amended return here.

“In a worst-case scenario, the economic income payment -- the stimulus check amount -- is a refundable tax credit,” says Cleaveland. “If your 2020 income is lower than previous years and you should have qualified for more than you receive (or if you don’t receive the check), then you will be credited this amount next year when you file. I suggest that you work with an accountant or tax adviser, if you think this may be the case for you.”

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