Ask An Expert

Q: My wife and I received our stimulus check a week ago but it was more than $1,000 less than the $2,400 expected for couples filing jointly. We have no children, owe no back taxes and our AGI was under the $150,000 limit for both 2018 and 2019. Do you have any suggestions as to what to do to find an answer to our shortfall? — T.M., Clermont

A: Not receiving the amount you were expecting was a common experience for many. The stimulus money you received is actually an advancement of a tax credit for tax year 2020. Early next year when you file your tax return there will be a final calculation for how much of this credit you should have received. If you did not receive enough then you will get the missing difference as a credit on your 2020 tax return. — Mike Salmon

Q: I haven’t seen my stimulus check and I am 64 years old and I receive Social Security survivor benefits. My check goes directly to my checking account. Do you know when I will get my stimulus check? — J.G., Orlando

A: Because you are receiving Social Security, you should have received the stimulus as a direct deposit assuming your adjusted gross income was below the eligible limits. You can go to the IRS website https://www.irs.gov/coronavirus/get-my-payment to check. — Derrick Chandler

Have a question? E-mail askanexpert@fpafla.com. Include your name, hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional.