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If you filed a 2019 return and your 2019 AGI is below the third stimulus threshold, the IRS may have based the amount of your third stimulus on your 2019 return. In this case, you do not have to pay it back.
The IRS says in this document:
If a taxpayer's payment is less than the full amount and is based on their 2019 return, they may qualify for a supplemental payment after they file their 2020 return. The IRS will automatically reevaluate their eligibility. If the agency determines that they are entitled to a larger payment or the full payment, it will send them a supplemental payment covering the difference between what they originally received and the larger amount. If the re-evaluated amount is smaller, they won't need to pay back the difference. Aside from filing a 2020 tax return, no action is needed on their part.
Thank you. My 2019 AGI was over the 160k to receive anything in the 3rd stimulus. Also, I had already filed my 2020 return (not seeing my employer had sent two W2s) with a W2 that only accounted for about 7-8 months of 2020. I moved states and didn’t realize they split my W2, and TurboTax only imported the one W2. When I got the full 3rd stimulus, I knew something was wrong. Looked at my employee record and saw a 2nd W2. So...amended my return filing.
So, I’m holding the money, as I’m sure they will ask for it back. Or, I believe they will, anyway.
Any more thoughts now that I’ve explained it a bit more?
Thanks so much!!
If you amended your return properly, your revised 1040 would show a much lower number on Line 30 Rebate Credit. and on Form 1040-X Line 15.
And you would have been asked to return the money right then and there.
Thanks. They did immediately ask for $7730 from me and I paid it. But that was essentially they same they had refunded me on my federal tax return - not the stimulus.
AGI is 183k on amended filing.
1040x line 15 is. “0”
1040 line 30 is blank.
thanks again!
I suppose you need to hold that money since IRS may figure out you're not entitled to it.
Amending to make yourself ineligible is an unusual situation.
IRS is not supposed to ask for EIP back once they give it to you.
That's why I' held off filing 2020 tax return until EIP3 was in my account.
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