(If your stimulus check is less than your 2020 credit, you'll get the difference when you file your 2020 return.) What If I Didn't File a Tax Return in 2018 or 2019? According to the IRS, you won't be required to repay any stimulus check payment when filing your 2020 tax return-even if your stimulus check is greater than your 2020 credit. Yes! The way the law is written, the stimulus checks are actually just advanced payments of a new "recovery rebate" tax credit for the 2020 tax year. Will you get to keep that additional $100? Let's say you wait to file your 2019 return because your stimulus check will be $100 more if the IRS bases your payment on your 2018 return. If I Wait to File My 2019 Return to Get a Bigger Check, Will I Have to Pay Back the Difference Later? If the amount is better using 2019 numbers, then file as soon as you can (you'll need to file before the IRS processes your payment). If you get a higher amount using your 2018 return, wait to file. To find out which is better, use the Stimulus Check Calculator to run the numbers using both your 2018 and projected 2019 returns (a best guess for 2019 will do in a pinch). For some people, you could end up with a larger check depending on whether you file your 2019 return right away or wait to file until after you get your stimulus payment. There's an opportunity to manipulate the amount of your stimulus check if you haven't already filed your 2019 return. Check it out! If I Haven't Filed My 2019 Return Yet, Should I Do That Now or Wait? If you haven't yet filed your 2019 return ( now due July 15), the IRS will go to your 2018 return for the necessary information.Īgain, we have an easy-to-use Stimulus Check Calculator to help you figure out the estimated amount of your check (based on either your 2018 or 2019 return). Companies Hiring Now to Meet Coronavirus DemandĪlso note that the IRS, which will issue the payments, will look at your 2019 tax return for your filing status, AGI, and information about your children. If you claim the head-of-household filing status on your tax return, your payment will be reduced if your AGI tops $112,500. If you're married and file a joint tax return, the amount of your stimulus check will drop if your AGI exceeds $150,000. Your check will be gradually reduced to zero if you're single, married filing a separate tax return, or a qualifying widow(er) with an adjusted gross income (AGI) above $75,000. Stimulus payment amounts will be phased-out for people at certain income levels. However, the law signed by President Trump only authorizes a single payment. One plan put forth by a group of Democratic Senators even required quarterly payments to Americans until the crisis ends. Earlier proposals called for multiple checks. SEE ALSO: 11 Ways the Stimulus Package and Other Government Measures Could Help You in 2020 How Many Stimulus Checks Will I Get? Once you know more about the stimulus payments, you can start figuring out how you can use the money to your advantage. Read on to get the answers you need to the questions you have. We also have a nifty Stimulus Check Calculator that tells you how much money you should get (everyone's payment will be different). But there are a lot of unanswered questions about these "stimulus checks." At the top of the list: How much will we all get? And when will we get it?įortunately, we have answers to these and other frequently asked questions about the economic stimulus checks. Part of the plan is to send almost everyone direct payments from the government's coffers. economy with cash and providing some relief for Americans who are taking a financial hit. To counter the coronavirus-induced economic meltdown, the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes a massive economic stimulus plan that is flooding the U.S.
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