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Stimulus payment tax filing question

Posted: Sun May 03, 2020 1:37 pm
by skor99
Is it better to wait to file 2019 taxes if 2019 AGI is higher than 2018 AGI as The stimulus payment will be based on the latest return. Will the IRS later look at 2019 AGI and take back some of the amount on 2020 filing ?

Re: Stimulus payment tax filing question

Posted: Sun May 03, 2020 1:47 pm
by FiveK
skor99 wrote: Sun May 03, 2020 1:37 pm Will the IRS later look at 2019 AGI and take back some of the amount on 2020 filing ?
No. The 2020 filing can only increase the amount you receive.

Re: Stimulus payment tax filing question

Posted: Sun May 03, 2020 3:29 pm
by Flora
To answer the OP's first question: yes, if your 2019 AGI is in the phaseout range and it is higher than your 2018 AGI then it is better to wait until you receive the EIP before filing your 2019 return.