What am I missing? IRS sent me money

[rodi]

I just saw a deposit hit my bank account on 9/27/2021 for over $1k.

Is this another stimulus that somehow I was unaware of?

Or is it a mistaken child tax credit (one kid turned 18 last december, the other is 20yo.)

Or is there some other random reason the government deposited a chunk of money in my bank account.

I have to admit - I probably should have been paying attention more to passed legislation, but I haven't been.

 

[ivinsfan]

You probably will get a follow up letter in the next few days. Until then enjoy..

 

[SecondCor521]

A few possibilities:

1. If you received unemployment income in 2020 that was taxed federally, then $10,200 of it was exempted from tax and the IRS is sending out automatic refunds on that.

2. Could be related to one of the three Economic Impact Payments (aka "stimulus checks").

3. Could be the advance child tax credit, but probably not since the IRS knows how old your kids are and I think yours are too old to trigger that credit. Also, the amount is too low.

4. You could have made any number of errors on your tax return that the IRS caught and corrected.

Was it the federal government or state government making the payment?

 

[ocean view]

CA Golden State Stimulus II payments are being sent out right now. Could it be from the FTB and not the IRS? Although, I trust you would be able to tell the difference.

GSSII payments are going to all taxpayers reporting $75k or less on 2020 tax returns.

 

[cathy63]

Did you have to pay back any ACA premium credits? If you filed before the software was updated to account for the last minute changes in that calculation, this could be an adjustment for that.

 

[rodi]

I think Cathy may have it. (Thanks). We decided to have older son claim himself last year which messed up our aca ptc and we had to pay more because of the change in aca credits. Additionally, we got a letter in May or June asking us about that and I had to submit proof (his return, our return, the aca form, showing we'd split the ptc credit between son and us.

I'd forgotten about that.

 

[rk911]

I wondered where my check went.

 

[Aerides]

Yes I was going to say ACA related. We got a rebate in the past month but it hit our BCBS ACA account since our plan is still active.