Does someone who died qualify for an Economic Impact Payment? The IRS says the answer is “no.” In new FAQs on its website, the IRS explains that the entire EIP should be returned unless it was made to joint filers and there’s a surviving spouse. In that case, only the deceased spouse’s portion of the EIP should be returned. This amount is $1,200, unless the couple’s adjusted gross income (AGI) exceeded $150,000. In addition, if a joint-filing couple receives in excess of $2,400 because they receive $500 for each of their qualifying children, the excess doesn’t need to be returned. Call or visit our website for more information! www.mjscpa.com/
