What will happen if a taxpayer qualifies for a stimulus $1,200 payment based on 2018 income but for 2019 they would not have qualified (the 2019 tax return has not been filed). Will there be a pay back?
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The CARES individual stimulus payment is an advance rebate that reduces the credit allowed for 2020. Taxpayers will receive any shortage due when they file 2020, but won’t have to pay back excess. A strategy would be to delay filing 2019 until the stimulus has been received, then file 2019. Sounds like a win-win for taxpayers.
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