If I am not filing taxes for the year 2020, how wi...
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Level 2

If I am not filing taxes for the year 2020, how will the irs reconcile the $1,200 tax credit ? Does this mean I would need to file returns next year? Thank you so much

In regards to the CARES act
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Level 13

If I am not filing taxes for the year 2020, how will the irs reconcile the $1,200 tax credit ? Does this mean I would need to file returns next year? Thank you so much

If you got the $1,200 stimulus payment this year you can keep it even if you would not have qualified for it in 2020 tax year.  If you have not received it and qualify for it in the 2020 tax year you can file a return to claim it then. 

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Level 2

If I am not filing taxes for the year 2020, how will the irs reconcile the $1,200 tax credit ? Does this mean I would need to file returns next year? Thank you so much

Hey  @Bsch4477 , thanks for your help. I did get the stimulus payment but Im afraid to use it since Im not sure if that would obligate me to have to fill taxes for the year 2020 since I wasn’t planning on it and Im also unsure on how and if I can use this money for whatever reason I want.  I just dont know all that this stimulus payment impact relief money entails.

 

Thank you so much

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Expert Alumni

If I am not filing taxes for the year 2020, how will the irs reconcile the $1,200 tax credit ? Does this mean I would need to file returns next year? Thank you so much

This FAQ site may answer your questions.

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

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Level 15

If I am not filing taxes for the year 2020, how will the irs reconcile the $1,200 tax credit ? Does this mean I would need to file returns next year? Thank you so much

you file a return if you have income.

The $1,200 payment to you is not considered income and doesn't have to be reported.

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Level 2

If I am not filing taxes for the year 2020, how will the irs reconcile the $1,200 tax credit ? Does this mean I would need to file returns next year? Thank you so much

Thanks @CatinaT1  I went thru the IRS faq that you attached. I’m still not a 100%, I guess you could never be sure about free money lol. I just hope there isn’t catch before I go ahead and spend it.  

 

Thanks @fanfare , good to know I dont have to file taxes next for the year 2020 because of this. 

 

 

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