Reply To: Covid-19 Stimulus Check Income Phaseout

Home Fairmark Forum Other Tax Topics Covid-19 Stimulus Check Income Phaseout Reply To: Covid-19 Stimulus Check Income Phaseout

#5502
kaneohe
Participant

“Here’s another scenario to keep in mind.

Say someone made below the $75,000/$150,000 income threshold in their 2018 return but their 2019 earnings turned out to be exceed that amount.

If they receive the stimulus money and submit their 2019 tax return afterwards, the IRS won’t turn around and ask for the money back, according to Rob Seltzer, a Los Angeles–based financial planner who’s the president and founder of Seltzer Business Management.

“They are not going to claw it back,” he said. ”

from a marketwatch article