@UandMeGod - totally sorry you are dragged through this.
@HUNTEMUP
@Alibolandian
to prove to you that this is really going to work out in 2020 tax return here is one article I found from a reputable source that discusses this tax stimulus is really a credit against 2020 taxes
https://www.businessinsider.com/personal-finance/will-we-have-to-pay-back-stimulus-check-2020-4
There have been other articles lately that the IRS didn't pick up some dependents, but given they are still trying to get even the first dollar out to another 80 millions Americans, there has been no guidance on how they are going to correct this in the SHORT RUN.
but here is how they are going to fix it on your 2020 tax return - this is how the CARES ACT was written:
- The stimulus payments are really based on your 2020 tax return (income, dependents, etc). So even children born in 2020 will be eligible for the $500 for their parents.
- 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 a qualifying child was left off the original stimulus payment or you had a child born in 2019 or 2020), you will receive it through a credit on your 2020 tax filing which will increase your refund.
- If you received too much stimulus, by law, you are not required to return it
that doesn't put more money in your pocket now, but hopefully reduces the stress of trying to figure out who to complain to with the IRS call centers closed .
