Ask Terry Questions Stimulus Payment deducted next year??

Stimulus Payment deducted next year??

By Terry Savage on April 03, 2020 |

My sister’s accountant is telling her that the stimulus payment is basically an advance on our 2020 refund. At the time of tax filing for this year the payment will be deducted from any refund due the taxpayer. Is this correct?

Terry Says

No, that is NOT true. Only if they find that she earned over the allowed amount ($75,000 single, $150,000 jointly for 2019) will the stimulus money be deducted from her refund in 2020.

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