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

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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Best answer by pmbrou

Thanks so much for your quick response!!!

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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pmbrouAuthorAnswer

Level 2

Thanks so much for your quick response!!!

Level 15

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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Level 15

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?"

Level 15

Probably Jeff IRonMan

The more I know the more I don’t know.

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