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You do not owe taxes on the money and will not be required to pay anything back.
Stimulus money next year taxes. Didn t make this deadline can still get their first stimulus check and the upcoming 600 check by filing an income tax return next year. Americans will be able to claim any stimulus check money they re owed on their 2020 taxes. The good news is that the 2020 tax filing season will allow people who missed out on a check or received too little to claim their full stimulus payments which the irs will send later this year.
The stimulus payment or economic impact payment as the irs calls it is technically a tax credit for 2020. When the first stimulus checks hit accounts the money. Not your average tax credit.
Even better the irs may give you more money next year if it finds you were underpaid according to tax expert lisa. Will i have to return the money if i qualify for less with next year s taxes. Some people assume that the irs will add the amount to your income generating a bigger tax bill or reduce your future tax refund when you file your tax return next year.
But this isn t widely understood. You won t be required to pay back a stimulus payment if based on your 2020 tax returns you no longer qualify for the.
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