Ask Terry Questions Stimulus payment

Stimulus payment

By Terry Savage on June 18, 2020 | Wild Card

My income in 2018 was just under the maximum allowed – so instead of $3900 (me, spouse, 3 kids) we received about $350. I recently started a business, so our 2020 income will only be about 70,000. Are we eligible to receive the balance of the stimulus once we file our 2020 taxes in 2021? Or is it just lost forever?

Terry Says

At this point, unless Congress extends or “improves” or creates another form of payment, it is lost. BUT I notice you talked about your 2018 return. Did you earn less in 2019? That’s the return you must file by July 15th. If you would have qualified based on 2019 income, you can claim a credit when you file your 2020 return next year. The credit would be the full amount minus the smaller amount you received!



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