How to return back Stimulus check to IRS

Forum|Forum|6 years ago
May 10, 2020
4 replies
42 views

I got my Stimulus check based on 2018 returns. But I am not eligible as my 2019 income has increased. How can I return back my Stimulus check. Will it be removed when I file 2020 returns or is there a place or form in Turbotax, where I can add with my 2019 returns?

Not A Product Question

Carl

Level 11

I would suggest you deposit the check and just leave it. The stimulus is based on your 2020 status and the IRS has no way of knowing what that status is until your file your 2020 tax return next year. So when you file the return next year, that's when you will pay it back. To make things even simpler you might want to pay it back as a quarterly tax payment to the IRS in the amount of the check. You can do that "right now" if you want, at www.irs.gov/payments.

arunprasaathAuthor

Level 2

By the way I got it as direct deposit.

I just noticed in IRS website we can write a personal check. But is that advisable, https://www.irs.gov/coronavirus/economic-impact-payment-information-center#more

rjs

Level 15

@arunprasaath Keep the money. When Congress wrote the CARES Act they knew that using 2018 tax returns would result in some people getting a larger stimulus payment than they are eligible for, or getting a payment when they are not eligible at all. The law provides that in such cases you do not have to pay it back. Your stimulus payment will be recalculated on your 2020 tax return, but if it comes out less than what you already received, you will not have to pay it back.