2021 Stimulus payment
I retired in early 2020. My AGI as reported on my 2019 form 1040 was over the limit, so I did not receive a 2020 stimulus payment via check or direct deposit. My 2020 AGI was well under the limit so I claimed the first two payments on my 2020 Federal Tax Return and have received the payments as part of my Federal refund. What will be the procedure for the 2021 stimulus payment? Will there be an adjustment or recalculation based on the 2020 return, or will we need to wait and claim the payments on the 2021 return?
Terry Says
They say that after the get all the first round of payments out, they will go back and check 2020 returns to see if some people qualify based on 2020, but not 2019. So that might take till late spring or summer. If not, you can claim it next year on your 2021 return.