Sorry for long title and I hope I am in the right place. I searched but couldn’t verify the paying back aspect.
My daughter filed her 2020 taxes and became qualified as independent. She ended up getting her stimulus credits for 2020 for the 1200 dollar and 600 dollar stimulus payments. She also received the 3rd 1400 check in March.
In the meantime we parents had not filed yet for 2020 and received the 1400 dollar “adult dependent “ check as well as the (two) 1400 dollar checks.
For 2019 we had claimed our daughter but for 2020 she was not eligible.
Question- Because my daughter ended up being independent in 2020, will we have to pay back the 1400 dollars or get “hit “ with it on our 2021 taxes?
Thank you.
No. There is no provision in the law that would require individuals who qualify for a Third Economic Impact Payment or an additional payment based on their 2020 or 2019 information, to pay back all or part of the payment if, based on the information reported on their 2021 tax returns, they would have qualified for a lesser amount.