What do you do with extra stimulus checks?

What if you cash the check? You can, but be aware the IRS has two years to request any overpayments to be paid back. The third stimulus payment is an advance on a tax credit for the 2021 tax year. If you don’t get the payment, you can always claim the tax credit next year.

Do we have to pay back the third stimulus check?

As such, it won’t be included in your taxable income. You also won’t be required to repay any stimulus check payment when filing your 2021 tax return — even if your third stimulus check is greater than your 2021 credit.

How do I return a stimulus money to the IRS?

Write “Void” in the endorsement section on the back of the check. Mail the voided Treasury check immediately to the appropriate IRS location listed below. Don’t staple, bend, or paper clip the check. Include a brief explanation stating the reason for returning the check.

What happens if I receive two stimulus payments?

While there doesn’t appear to be any specific guidance for returning extra dependent payments, you should file an amended return to reconcile the error. You may actually receive a letter from the IRS telling you to do so if they notice that a dependent was claimed twice.

What happens if you receive two stimulus checks?

You both received one check too many because those claiming the adult as a dependent had not filed their 2020 taxes, so the IRS used previous tax filings as a guide. You obviously cannot be claimed as a dependent and file a tax return yourself and expect a payment.

Who has to send stimulus checks back?

If you received a payment for someone who died in 2019 or earlier, the IRS says you should return the entire payment “unless it was made to joint filers and one spouse is still living.” If you’re the living spouse, you should return half the payment — just not more than $1,200 in all.

How do I get my third stimulus check back?

How to Return a Third Stimulus Check

1. Write “Void” in the endorsement section on the back of the check;
2. Mail the voided check immediately to the appropriate IRS location listed below (don’t staple, bend, or paper clip the check); and.
3. Include a brief explanation stating the reason for returning the check.