Other financial discussions

because of timing it is possible the IRS uses 2018; we just don't know how the IRS is determining which year to use. HOWEVER, all is not lost. 

 

  • 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 for this situation), she will receive it through the 2020 tax filing as an additional tax refund (or a reduction in the taxes she owes)
  • If you received too much (not the issue here), by law, you are not required to return it

 

make sense?