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The Impact of Stimulus Payments on Your 2020 Taxes

 

As you start to prepare your taxes this year, you may be wondering how the 2020 stimulus checks will affect your taxes. TurboTax® has provided answers to your top tax questions below.

 

Do I owe tax on the money I received? 

No. The stimulus payment was designed to impact the economy, not your taxes, so it won’t reduce your 2020 refund or increase your tax due. 


Why didn't I get a payment?

If your income for 2019 or 2018 was over $75,000 ($150,000 if you filed jointly, $112,500 if you were head of household), then your payment was reduced by $5 for every excess $100 you earned. And if you didn’t file a tax return for either year, you may not have gotten a payment. But you still may be entitled to payment.


What can I do now? 

If you were supposed to file a 2019 tax return and didn’t, file right away. If your income was too low to file, at IRS.gov you can click on the tab marked “Non-filers” and fill in your basic information. If the Internal Revenue Service (IRS) determines you are eligible for a payment, they will send it to you. 


What if my income has gone down? 

If your 2019 income was too high for you to receive a payment but your income this year is much lower, you are in luck. You can claim your stimulus payment on your 2020 income tax return and it will increase the refund you receive (or reduce any tax due).


GET YOUR BIGGEST POSSIBLE TAX REFUND

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Source: TurboTax

The information in this article for general educational purposes only and not intended to provide specific advice or recommendations. Please discuss your particular circumstances with an appropriate professional before taking action.

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Start Date:03 15, 2021