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romelover85
New Member

Will the coronavirus stimulus check be deducted from our next year’s tax refund?

 
3 Replies
DMarkM1
Expert Alumni

Will the coronavirus stimulus check be deducted from our next year’s tax refund?

It appears as long as you meet the qualifications for the stimulus check on your 2020 return, you will not need to repay.  However if something changes in 2020 that makes you ineligible for some or all the stimulus amount you receive then that part may be paid back using any refunds.  

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vonsteuben342
Level 2

Will the coronavirus stimulus check be deducted from our next year’s tax refund?

Two quick follow-up questions,

1) if a joint couple received the $2,400 stimulus check based on 2019 filed return and next year's 2020 filed federal return exceeds the $150,000 AGI threshold, will the amount that exceeds that threshold be taxable next year?

2) will the total $2,400 stimulus check or even the portion that could potentially be taxable be included in AGI,  would the contra be above the AGI line (like social security payment offset) or below  - for calculation for IRMMA?   

Thanks

KarenJ2
Expert Alumni

Will the coronavirus stimulus check be deducted from our next year’s tax refund?

The payment is not taxable income.  The reference to your 2020 tax return is that if you have not previously received your stimulus payment when you file your 2020 tax return, it will be an additional refund on your 2020 tax return.  It would be a refundable tax credit.  

 

The IRS will not reassess your income in 2020 for the payment you already received.  Forbes: Stimulus Payment and 2020 tax return

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