With the deadline for tax filing around the corner, the IRS did come up with quite an important message for those who were about to file early.
According to the IRS, some of the stimulus check recipients should ideally consider filing for amended returns. This announcement straight from the agency does relate to the recent decision of the IRS to not tax the special payments from the states. As it stands, there has already been quite a lot of confusion amongst the taxpayers this year regarding the special payments that they had received from the state the previous year. The confusion, for those wondering, was about the taxability of the payments.
Stimulus Check Recipients Should File For Amended Returns
Initially, the IRS had asked the taxpayers to not file their tax returns until the agency could make any decision on this matter. In time, the agency had also determined that most of the state payments would not be taxable. However, by the time the agency had come to a decision, most individuals had already filed for their tax returns.
Some of the early filers would have already reported the stimulus check payments as some form of taxable income- and are therefore eligible for a refund. Such recipients of the stimulus payments should also consider filing for amended returns. In its decision, the agency also provided multiple details where they clarified the federal tax status involving the payments.
The IRS has now asked the taxpayers who had filed for their return before the 10th of February to check all the guidelines- as well as ensure that their return is appropriate with the guidelines. In events where they had already paid taxes on the stimulus check payments, such recipients should then consider filing for amended returns.
