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Level 1
posted Apr 6, 2020 12:45:56 AM

Deadline for 2019 tax return for coronavirus stimulus

By when do I need to file my 2019 tax return for it to be used instead of the 2018 tax return for calculating the coronavirus stimulus amount that I am eligible for?

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1 Best answer
Level 15
Apr 6, 2020 5:54:37 AM

in the end it's not going to matter, but if your situation changed from 2018 to 2019 best to quickly file

 

but here is why it's not going to matter in the end.... the IRS is using 2019 (or 2018) as an ESTIMATE of your stimulus payment.

 

what really matters is the numbers on your 2020 tax return which will be used to calculate what you are ACTUALLY due.

 

if the ACTUAL is more than the ESTIMATE, that will be rebated to you as a tax credit when completing your 2020 tax return.  (let's say they used your 2018 return but you had a child in 2019 would be an example)

 

if the ESTIMATE is more than the ACTUAL, you will not owe the money back! (let's say your income was low in 2018 and you received a stimulus check but in 2020 it was high and you were not eligible for the money, you won't be asked to return the money)

 

 

 

 

 

 

2 Replies
Expert Alumni
Apr 6, 2020 5:42:56 AM

The Cares ACT has only recently been signed into law, so we can't answer all questions yet. I would file as soon as possible.

Level 15
Apr 6, 2020 5:54:37 AM

in the end it's not going to matter, but if your situation changed from 2018 to 2019 best to quickly file

 

but here is why it's not going to matter in the end.... the IRS is using 2019 (or 2018) as an ESTIMATE of your stimulus payment.

 

what really matters is the numbers on your 2020 tax return which will be used to calculate what you are ACTUALLY due.

 

if the ACTUAL is more than the ESTIMATE, that will be rebated to you as a tax credit when completing your 2020 tax return.  (let's say they used your 2018 return but you had a child in 2019 would be an example)

 

if the ESTIMATE is more than the ACTUAL, you will not owe the money back! (let's say your income was low in 2018 and you received a stimulus check but in 2020 it was high and you were not eligible for the money, you won't be asked to return the money)