you state it didn't affect his tax return, but I suspect he did get the $500 credit for an 'other dependent". How do you know it didn't affect his return?
Since amendments won't be processed for at least 4 months, here is the worst case scenario on the stimulus payment as there is no guidance from the IRS whether they are going to adjust the stimulus after processing the amendment:
- 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.
- If you received too much, by law, you are not required to return it
