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jameyrc
Level 1

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

 
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LenaH
Employee Tax Expert

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

No. Per the IRS, No, there is no provision in the law that would require individuals who qualify for a Third Economic Impact Payment or an additional payment based on their 2020 or 2019 information, to pay back all or part of the payment if, based on the information reported on their 2021 tax returns, they would have qualified for a lesser amount.

 

Questions and Answers about the Third Economic Impact Payments — Topic H: Reconciling on Your 2021 T...

 

@jameyrc

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7 Replies
npierson7
Level 1

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

You don't need to do anything with that. It doesn't change your calculation, Your stimulus payments don't affect your AGI because they are not a part of you taxable income. 

jameyrc
Level 1

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

Thanks for the reply but I don't think I was clear.

 

I filed early this year and based on that filing, my AGI was slightly under the cap for the most recent stimulus payment so I received like $200 in stimulus money.  I have to file an amendment (I forgot to add some unemployment benefits my wife received) which will put me over the cut-off for the AGI for this most recent stimulus money. 

 

So after I file my amendment, what do I have to do with the $200 in stimulus money I already received?

MaryK1101
Expert Alumni

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

If you received the stimulus with your original tax refund, when you add the additional income, the re-calculated amount will be included on the amended return and you will ay back with the additional tax on the income..

 

@jameyrc

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jameyrc
Level 1

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

So the software will take into account I received $200 pre-adjusted AGI and then post amendment, the software will know I need to pay that back?

KrisD15
Expert Alumni

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

If you are referring to the Recovery Rebate Credit, yes the program will know that was included on the original return. 

If this is for the third stimulus, that will be reconciled on the 2021 tax year return. 

 

Additionally, the fist 10,200 unemployment is not taxed (subtracted on Schedule 1) so your AGI may not be affected. 

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jameyrc
Level 1

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

THanks for the reply.  So are you saying, even though the third stimulus check is not taxable income, when I do my taxes next year, the software will know I owe $200 back and it will be take then (next year)?

LenaH
Employee Tax Expert

Already received a small stimulus payment (pre-amendment) but AGI will go up (post-amendment)-what do I do with the small stimulus payment already received?

No. Per the IRS, No, there is no provision in the law that would require individuals who qualify for a Third Economic Impact Payment or an additional payment based on their 2020 or 2019 information, to pay back all or part of the payment if, based on the information reported on their 2021 tax returns, they would have qualified for a lesser amount.

 

Questions and Answers about the Third Economic Impact Payments — Topic H: Reconciling on Your 2021 T...

 

@jameyrc

View solution in original post

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