first stimulus payment

Forum|Forum|5 years ago
December 29, 2020
2 replies
12 views

We recieved the first stimulus payment before filing our tax return. But our 2019 AGI was above the max AGI of $150K. Will we have to pay back some of that first stimulus money? (and I know we'll get less than $1200 for the second one)

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Best answer by bluedeb

If you were overpaid for the stimulus check, you do not have to pay it back. When you file your 2020 return, it will ask you about the stimulus check received in 2019. Select your answer, then the program will then calculate your stimulus amount you should have gotten. If you received more than you should have, you will not be asked to pay it back.

bluedeb

Answer

Alumni - Champ

fanfare

Level 15

If you feel bad about it, send a check payable to "US Treasury"

write your SSN and "for return of EIP" on the check.

OR,

donate it to charity, you will get a tax deduction.

NCperson

Level 15

this is one of the few times the IRS plays the game 'heads we win, tail you lose" the other way around!

Since both stimulus payments are estimates against your 2020 tax return, Congress wrote into the CARES act and the law that Trump signed the other night, that if the IRS sent you too much based on the results of your 2020 tax return, you were not required to send the money back!

The 2nd stimulus will also be sent out based on your 2019 tax return, so again if that is too much compared to your 2020 actual tax return, you get to keep the money.

note that the $150,000 only limited you to the $2400 and then the limit decreased by $5 for each $100 you are above $150,000. Mathematically, it doesn't go to zero until $198,000 (First stimulus) and $174,000 (2nd Stimulus).

keymaf

Level 2

Hello, I have not received my first stimulus check; I received the second and third check. what do I do

Opus 17

Level 15

@keymaf wrote:

Hello, I have not received my first stimulus check; I received the second and third check. what do I do

When you file your tax return, you will be asked about the round 1 and round 2 stimulus payments. Indicate zero for the round 1 payment. If you qualify for a rebate based on your income and dependents, it will be added to your refund. It is listed on line 30 of form 1040, it is not a separate payment. The questions comes during the Federal Review after finishing your income and deductions and before you move on to your state tax return.