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

[pmbrou]

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.

[itonewbie]

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

[pmbrou · Accepted solution]

Thanks so much for your quick response!!!

[itonewbie]

NP, @pmbrou!

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[BobKamman]

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?"

[sjrcpa]

Probably Jeff IRonMan