Justin Woods Decker, Esq
Economic Impact Payments For Deceased Individuals Must Be Returned
In April 2020, the U.S. Treasury began issuing Economic Impact Payments to alleviate the economic impact of social distancing guidelines on certain Americans. Funds were to be direct deposited into bank accounts of those who had filed tax returns and designated an account to receive tax refunds; paper checks were mailed to others. In some instances, funds were issued to deceased individuals in care of the personal representatives of the estate. That left many people wondering what to do with those funds.
The IRS has issued the following response:
A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions in the Q&A about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000. https://www.irs.gov/coronavirus/economic-impact-payment-information-center.
Nothing but calming, compassionate, informative, and helpful through the probate process. We are now updating our estate plan and continue to receive their attentiveness and professionalism.
Golden Rule gave us excellent service for an excellent price. Mr. Decker and Justin were knowledgeable and friendly and I'm very glad we went to them.
These lawyers live by the motto of their firm. Their kindness and generosity of spirit gives lawyers the good name that all should strive for.
Attorneys Woods & Decker were professional and compassionate. We were grateful for their quick response and ability to meet with us on short notice. They listened carefully and provided us with sound counsel. We highly recommend their services!
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