- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
you have a few choices
1) submit the amendment, That is going to be at least a 16 week process and there is no guidance from the IRS whether they are going to immediately send the stimulus payment once they process the amendment. Maybe they will or maybe they won't .
2) just resolve it on your 2020 tax return (and this would include if the amendment doesn't result in the stimulus payment)
- 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 simply never received it), 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
April 28, 2020
3:15 AM