topic Re: Stimulus and Dependent Question in Deductions & credits

Stimulus and Dependent Question

Heatherstax — Tue, 14 Apr 2020 01:21:21 GMT

My husband and I have not yet filed 2019 taxes. We did file in 2018, and just received our payment. It includes a $500 credit for my daughter, who we claimed as a dependent. The problem is that my ex husband has already filed his 2019 return, and also claimed her as it was his year to do so (we rotate). So, he also got paid with the $500 credit. How do we pay this back when we file our 2019 taxes?

Re: Stimulus and Dependent Question

MinhT1 — Tue, 14 Apr 2020 01:38:51 GMT

According to the CARES Act, you are not required to pay back if there is an overpayment of the stimulus.

Re: Stimulus and Dependent Question

Heatherstax — Tue, 14 Apr 2020 02:16:40 GMT

When we file, will they catch that they over paid us and increase the amount we owe by $500?

Re: Stimulus and Dependent Question

MinhT1 — Tue, 14 Apr 2020 02:28:50 GMT

You will file for the Stimulus payment only on your 2020 tax return (next year). And the law is clear on this point. There will be no repayment if there is an overpayment.

Re: Stimulus and Dependent Question

emilar59 — Fri, 26 Mar 2021 08:21:39 GMT

Is there something written that you can point me too that says that?

Re: Stimulus and Dependent Question

NCperson — Fri, 26 Mar 2021 10:10:11 GMT

you are welcome to work through the Recovery Credit worksheet on page 58 of the attached.

if you look at lines 17 (1st stimulus) and 20 (2nd stimulus) , it says 'if less than zero, you don't have to pay back the difference'.

in other words, Line 30 of Form 1040 can never be negative

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

is that what you are looking for?