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Must stimulus pmt be repaid in full on 2020 tax return or reconciled on 2020 return to eligible credit based on 2020 AGI?

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Level 2
Ex: MFJ paid $2,400 and 2020 AGI less than $150,000 so eligible credit = amt paid of  $2,400.  So, no repayment will be due on 2020 return.
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Level 2

Thanks so much for your quick response!!!

View solution in original post

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5 Replies 5
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Level 15

It will be reconciled on the 2020 return but taxpayers won't have to return any excess.  See §6428(e).

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Still an AllStar
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Level 2

Thanks so much for your quick response!!!

View solution in original post

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Level 15

NP, @pmbrou!

If it solved your problem, you may consider marking it a solution to help others who may have similar questions.  Cheers!

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Still an AllStar
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Level 11

Who was it here who first asked, "Why are we still getting these questions based on rumors and misinformation, when the barber shops are closed?"

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Level 15

Probably Jeff IRonMan


ex-AllStar
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