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A taxpayer filed their return for TY2020 in mid-TY2021, after they'd already received the third stimulus payment. After preparing their return for TY2021, they discover
A taxpayer filed their return for TY2020 in mid-TY2021, after they'd already received the third stimulus payment. After preparing their return for TY2021, they discover that their AGI is over the limit for them having been able to receive the stimulus payment. What best describes the impact on their TY2021 return? Select one: a. They will have to repay excess received amounts as an increase to tax. b. They have to amend prior year returns with an increase to tax. c. They will have an increase in tax in the future on the TY2022 return. d. There is no repayment provision, so it will not impact their TY2021 at all, even if they received too much. Previous page
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