Question

Got $500 stimulus for child by mistake based on 2018 taxes. How do I give it back?

Forum|Forum|6 years ago
April 18, 2020
1 reply
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My ex got $500 as well based on 2019 taxes.

TurboTax Deluxe Online

Employee

You don’t need to pay it back. The stimulus payment is technically an advance payment of a new credit that will be on the 2020 tax return. The IRS is using 2018 and 2019 information to push payments to taxpayers as quickly as possible. The payment will be recalculated on your 2020 tax return. If you qualify for more than you receive now, the extra will be added to your next refund, but if you were overpaid now, you will not have to return the excess.