Yellowdog wrote:I think that is the concern. Does anyone know of anything in the Code or Regs that would stop it?
For EIP #1:
There are references in the code that support this approach but also references that indicate IRS can issue further guidance. I am not aware that they have done so, including nothing I could find in all the Q and A’s on the subject. So until such other guidance is issued, this approach seems legitimate to me.
§6428 (e) Coordination with advance refunds of credit.
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(2) Joint returns.
In the case of a refund or credit made or allowed under subsection (f) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.Subsection (f) specifies the amount, timing, etc. of the advance payment.
However, there is also this:
§6428 (h) Regulations.
The Secretary shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section, including any such measures as are deemed appropriate to avoid allowing multiple credits or rebates to a taxpayer.For EIP #2, my same opening statement can be applied, but the wording in the code is slightly different.
§6428A(e) Coordination with advance refunds of credit.
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(2) Joint returns.
Except as otherwise provided by the Secretary, in the case of a refund or credit made or allowed under subsection (f) with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.§6428A(h) appears to have the exact wording as §6428(h)