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

[angelpomales1]

In regards to the CARES act

[Bsch4477]

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. 

[angelpomales1]

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

[CatinaT1]

This FAQ site may answer your questions.

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

[fanfare]

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.

[angelpomales1]

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.