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Stimulus checks: what to expect, when to expect
There are more unanswered questions regarding stimulus payments. Some people are reporting they were overpaid. Others say they were not paid enough.
DALLAS - There are more unanswered questions regarding stimulus payments.
Some people are reporting they were overpaid. Others say they were not paid enough.
Some people say they were overpaid because their stimulus money was based on their 2018/2019 taxes when they had more dependents than you currently do. The concern is will they have to pay that money back.
According to the IRS, there is no provision in the CARES Act which requires repayment in cases where you got extra cash for a dependent who aged out.
Conversely, if you didn't get paid enough or maybe you had a baby in 2020, you can claim those additional credits when you file your 2020 taxes.
The good news is you'll get the money, and you don't have to wait on hold with the IRS. The bad news is because it will be figured in your 2020 taxes, you won't see it until 2021.
Photo by Jeff Fusco/Getty Images
You also do not have to pay back your stimulus money if for some reason your earnings in 2020 placed you above the threshold for stimulus payments. Economic impact payments are based on your 2018 or 2019 tax return.
Another special circumstance: people who filed in 2018 and 2019 and have since passed away. The IRS is still out on what happens in cases like that. They are working on an answer.
It presents a particular challenge for those of you who are getting stimulus checks made out to you and a deceased spouse and your bank won’t cash the check. The worst case scenario is you'll claim your share on your 2020 taxes, which unfortunately does nothing for you in the immediate future.
FAQ's for stimulus money: irs.gov/coronavirus/economic-impact-payment-information-center