What year will the IRS use to determine my stimulus? The IRS will use your 2018 or 2019 tax returns to determine the amount of your check. The actual credit will be calculated on your 2020 Form 1040. Any advance rebate paid to the taxpayer will reduce the amount of credit in 2020, but not below -0-. The law is written to provide for a payment to taxpayers if the 2020 credit calculation exceeds the rebate already received by the taxpayer. And, if the actual 2020 credit is less than the rebate, the taxpayer is not required to pay back any of the excess cash received. If your income for the year used is higher than your 2020 income you should receive a tax credit in 2020.
What if you tried the “Get My Payment” tool and you received a message that says “Payment Status Not Available”?
According to the IRS:
- You aren’t eligible for a payment.
- Your payment is based on your status as a Social Security, disability, Veterans Affairs or Railroad Retirement beneficiary. In this case, the IRS will use your SSA or RRB Form 1099 payment information. Your payment information isn’t available on the Get My Payment tool.
- You have not filed a 2018 or 2019 federal tax return.
- You filed your 2019 return, but it hasn’t been fully processed.
- You used the non-filers tool, but the information you entered is still being processed.
- There’s a problem verifying your identity when answering the security questions.
- If you don’t fall into any of those categories, keep checking “Get My Payment.” It’s possible that the system just hasn’t had time to process your information. Information on the site is updated only once a day. The IRS says people who qualify for a payment will receive it by mail if they do not get it through direct deposit.