Q/A about Stimulus check - Page 2
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Originally Posted by legendver2
It should be noted this isn't free money, but basically an advance payment of your 2020 returns.
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Originally Posted by JJ Glo
Expect a text asking where her NEETBuxs are at.
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LPR these days
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Originally Posted by DogJuiceMan
I will need proof of this statement that its just advance 2020 taxes.
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Quote:
| The payments will be made between now and December 31, 2020 — in many cases, it will be paid electronically if you have provided direct deposit information to the IRS on your 2018 or 2019 tax returns — but it’s important to understand that any payment you receive acts as an advance payment of a credit you will compute AGAIN on your 2020 tax return. |
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What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment? The bill does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn. |
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The payments are essentially an advance on a credit against 2020 taxes. People who receive advance payments based on their 2018 or 2019 income but qualify for a bigger credit amount based on their income this year will receive the remainder of the credit amount to which they are entitled when they file their 2020 tax returns next year. Recipients will not have to pay any money back to the government if their 2020 income is greater than their income in previous years, according to a Republican aide for the Senate Finance Committee. |
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Do you have to pay back the stimulus check? No. The stimulus payment is actually a refundable credit against your 2020 tax liability, according to Kyle Pomerleau of the American Enterprise, and is paid out as an advanced refund. That means you don’t have to wait to file your 2020 taxes to get the money. It also doesn’t reduce any refund you would otherwise receive, Watson said. In fact, if you don’t qualify for the stimulus check now based on your 2018 or 2019 tax returns, you may be able to qualify to take the tax credit next year when you file your 2020 taxes if your income meets the thresholds. |
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Last edited by legendver2; 03-27-2020 at 04:34 PM..
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Originally Posted by Outsider626
Seems to me like people here don't understand what advance on a credit is and think it will have a negative effect on them.
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I don't see the issue.
Last edited by Chn; 03-27-2020 at 04:53 PM..
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Feel incredibly lucky and fortunate to have had DACA and to live in the US. Somtimes, I sit here and think about my incredible fortune.
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LPR these days
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