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Get your taxes done using TurboTax
@jsenakievich1 - the plan IS to release now what you are due based on 2018/ 2019 tax returns. But no system is perfect and there are certainly going to be errors.
But the "settle up" was designed to correct for such errors. it's written into the CARES ACt. If you are owed more stimulus, it would be settled up on the 2020 tax return.....if you are owed LESS, YOU DO NOT HAVE TO PAY IT BACK.
think about those who had children born in 2019, but the IRS used their 2018 tax return for the stimulus. That will be resolved on the 2020 tax return. In fact, children born in 2020 will get their parents an additional $500 next year.
so for once, the government set up a 'heads you win, tails I lose' process.
‎April 20, 2020
5:38 AM
2,126 Views