@Mikeschell65 wrote:
Incorrect, as you stated stimulus payments are determined by a few deciding factors, the factor addressed in the original question, is regarding an accidental incorrect filing status. If you accidentally checked the box, stating someone can claim you, you do not qualify for a stimulus payment. Therefore nothing you do in your 2020 return, will make you eligible for the economic impact stimulus. If you'd like the money eventually, amending your 2019 return to correctly state no one can claim you as a dependent, is the only way to fix the problem. My research is extensive and I'm confident in my knowledge on the subject, but once again I stress everyone do their own research from the only authority on ineligibility standards, irs.gov I also warn anyone to not amend their return to information that is untrue or inaccurate, as it is breaking federal law and something the IRS doesn't take lightly.
That is not quite correct. The stimulus is a 2020 payment based on the 2020 tax return.
Per CARES act:
“SEC. 6428. 2020 Recovery Rebates for individuals.
“(a) In general.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the sum of—
“(1) $1,200 ($2,400 in the case of eligible individuals filing a joint return), plus
“(2) an amount equal to the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.
What is happening now is the "advance refund".
“(f) Advance refunds and credits.—
“(1) IN GENERAL.—Subject to paragraph (5), each individual who was an eligible individual for such individual’s first taxable year beginning in 2019 shall be treated as having made a payment against the tax imposed by chapter 1 for such taxable year in an amount equal to the advance refund amount for such taxable year.
“(2) ADVANCE REFUND AMOUNT.—For purposes of paragraph (1), the advance refund amount is the amount that would have been allowed as a credit under this section for such taxable year if this section (other than subsection (e) and this subsection) had applied to such taxable year.
If not received before filing the 2020 tax return then the payment will be based on the 2020 tax return. In addition, if the 2020 tax return does not support the amount received in the "advance" the excess must be repaid. If the 2020 tax return supports a larger payment then you will get an additional payment.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
