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Getting Stimulus Right
A refundable tax credit like the american opportunity tax credit or earned income tax credit.
Stimulus is loan against future taxes. The first round of stimulus checks was technically a rebate based on your latest filings with the irs. The payments are refundable tax credits towards next year s taxes. When you apply it to the bill it reduces what you owe.
But if this person loses their job in 2020 and so makes 75 000 in 2020 their 2020 income will be below the threshold for the stimulus rebate. Since the irs does not have your 2020 tax year information it will use a previous year s information to calculate the amount. In other words the bill created a refundable tax credit and the irs is paying out the amount of that tax credit to eligible taxpayer now.
Think of it as a gift card to a restaurant. Even if you don t owe a penny of tax you get the full 1 200 per person provided you don t earn too much and you re not a dependent. This means when you prepare your 2020 income tax return there will be a line to include the section 6428 credit.
If it is not a loan what is it. 6 ways to spend your 600 check and a future third payment too. Social media posts falsely claim that federal payments from the covid 19 stimulus package could reduce taxpayers future refunds.
The stimulus checks are a no strings attached payment meant to help your family out during an economic downturn. These are the ones the government will give you a refund for even if you ve hit net zero and don t owe anything. With a second round of checks in the works here s how the money will affect your tax returns.
But the stimulus check is the other kind of tax credit. The stimulus is an advance of a refundable tax credit on your 2020 taxes. If you need ideas on what to do with your money we have some tips for you.
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