Received it today. Question: We dropped a college student from our taxes (haven’t filed my taxes yet) so she could get retroactive stimulus payments after she filed her taxes (it was like $3800, in addition to a tax return). However, since I haven’t filed yet, I received an extra $1400 from the Biden based on my last tax return. What will happen? Nothing? They will want that back?
As far as I know you will not be forced to pay back the stimulus (hence why I waited to file this year's taxes that no longer make me eligible based on 2020 income). So this is what it feels like exploiting legal loopholes. This is what it feels like to be rich.
Does anyone know what you do if you already filed before changes were made. I paid taxes on unemployment for 5 months, but the new bill states 10,000 will be tax free. I have been unable to get anyone at the IRS on the phone.
First, make sure you are under the threshold of $75k (single) or $150k (couple). If you fall under that threshold, you should qualify for no taxes on those first $10,500, so you can probable amend your return. Supposedly the IRS was going to allow that to be done electronically this year (I think that's what I heard on NPR).
