Stimulus payment tax filing question

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skor99
Posts: 282
Joined: Mon Jun 26, 2017 5:51 pm

Stimulus payment tax filing question

Post 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 ?
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FiveK
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Joined: Sun Mar 16, 2014 2:43 pm

Re: Stimulus payment tax filing question

Post 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.
Flora
Posts: 117
Joined: Sat Mar 26, 2016 6:19 am

Re: Stimulus payment tax filing question

Post 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.
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