Now the IRS has finally told people what they should do in this case.
Why Are Dead People Receiving Stimulus Checks?
It isnt surprising that this happened.
This post refers to stimulus checks issued in 2020. For the most up-to-date info, check out ourrecent tax articles.
The payments were made based on the most recent of someones 2018 or 2019 tax return.
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The year someone dies, their estate still has to file a tax return on their behalf.
How Do I Return the Payment?
Did you know?
Include a brief statement saying that youre returning it because the recipient has died.
You should also include a note that says the recipient has died.
What Happens if I Dont Return My Loved Ones Payment?
Many are skeptical about how enforcement would work.
Some have questioned whether theCARES Acteven allows the IRS to come after payments.
The IRS hasnt said what, if any, penalty people could face if they dont return the checks.
Its the right thing to do.
Those payments are meant to help the living many of whom are in dire need right now.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes The Penny Hoarders Dear Penny personal finance advice column.
Ask her your tricky money questions at[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
