Deductions & credits

there are a few thoughts:

 

1) some think the best thing to do is amend your tax return. It will take at least 16 weeks for the IRS to process and there is no guidance from the IRS whether that amendment will immediately result in the stimulus being paid,  Maybe it will and maybe it won't.  

 

2) wait until the 2020 tax return is filed next year - 

 

 

you will eventually get the stimulus... here is the 'worst case scenario'

 

  • 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