first stimulus payment

[JohnM58]

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) 

[bluedeb · Accepted solution]

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.

[fanfare]

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]

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).

[JBSand]

My first (and second) stimulus check(s) were reduced because my 2019 income was high.  My 2020 income was much lower.  How can I have the amount of my stimulus check recalculated and the credits applied based on my 2020 income?

[Opus 17]

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@JBSand wrote:

My first (and second) stimulus check(s) were reduced because my 2019 income was high.  My 2020 income was much lower.  How can I have the amount of my stimulus check recalculated and the credits applied based on my 2020 income?

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Yes, that will happen automatically.  In the federal review section (after deductions and "other tax situations" your will be asked to enter the amounts of your round 1 and round 2 payments separately in 2 different boxes.  If you qualify for an additional amount, it will be included in your refund.

[Roy_B]

 For the first stimulus, what is the 2019 income limit for head of household to receive the full

payment??? Is the income limit the same for the second ??

Roy [phone number removed]

[JoannaB2]

No.  The stimulus payments are reconciled when you file your income tax return., The income requirement was $112,500 for Head of Household filing status on first stimulus payment  

See, economic impact payment on information center, for information on first stimulus payment.

[keymaf]

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

[Opus 17]

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@keymaf wrote:

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

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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.