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New Member
posted Apr 29, 2020 3:56:04 PM

Am I going to get punished for filing my 2019 taxes early?

I'm entitled to Covid Stimulus under my 2018 return but not under by 2019 return. I already filed my 2019 return but have not paid the taxes due for 2019. Are my 2019 taxes considered filed even though I haven't  paid? Will I actually be punished for filing my 2019 taxes on time/early? 

 

Thanks

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3 Replies
Expert Alumni
Apr 29, 2020 4:13:20 PM

Your taxes are considered timely filed, even if you have not yet paid the balance due. It is unknown when the IRS is going to review 2018 and 2019 returns to determine eligibility for the stimulus payment. You may receive it if the IRS has not had a chance to review your 2019 return yet. 

Level 15
Apr 29, 2020 4:46:06 PM

@srunge55 - it's uncertain whether the IRS will use 2018 or 2019... but what about 2020?  if the IRS doesn't give you the stimulus against your 2019 taxes (I assume your issue is your income???) , what does 2020 shape up to look like?

 

here is why I ask:

 

  • The stimulus payments are really based on your 2020 tax return (income, dependents, etc).
  • The IRS is using either 2018 or 2019 – whatever is available  - to ESTIMATE that payment
  • When you file next year there will be a “settle up” section on the tax return. 
  • If you are due more stimulus (and this would include where you were not eligible based on 2019), you will receive it through the 2020 tax filing as an additional refund
  • If you received too much stimulus (not the issue here), by law , you are not required to return it

 

so it is conceivable that you were ineligible against 2019, but against 2020 you are eligible and THAT is what the "settle up" us for.  the CARES act was really about your 2020 tax year.  

New Member
Apr 29, 2020 5:52:32 PM

Thank you for the reply. I will likely be ineligible in 2020 also.