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Your stimulus check is not an advance tax refund and will not affect tax refunds based on your 2019 and 2020 tax returns.
Stimulus check impact on tax return. But this isn t widely understood. Wroc cpa jamie block of mercer advisors discussed the impact of federal stimulus payments during the covid 19 pandemic on your 2020 tax return thursday during news 8 at sunrise. Some people assume that the irs will add the amount to your income generating a bigger tax bill or reduce your future tax refund when you file your tax return next year.
That s a point the house ways and means committee noted in its rundown monday on the new round of checks. Your federal income tax returns play a significant role in determining if you qualify for a stimulus check and if you do the size of the check the irs will send you. That goes for the second.
Additionally you will not have to repay the stimulus money. The stimulus check you receive will not factor into your income tax liability. Your stimulus check is formally called a recovery rebate credit the stimulus checks handed out this year to combat the financial effects of the pandemic are technically an advance tax credit called.
The stimulus payment or economic impact payment as the irs calls it is technically a tax credit for 2020. Your federal tax returns play an outsize role in your second stimulus payment and likely your third payment too. Stimulus checks and your 2020 taxes.
Because the stimulus payments aren t considered income by the tax agency it won t impact your refund by increasing your adjusted gross income or putting you in a higher tax bracket for instance.
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