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Taxes played a major role in how the government distributed the money.
Stimulus money affect on taxes. Depending on your personal tax situation the recovery rebate credit for your missing stimulus money would either reduce the total amount you owe to the irs or give you a larger tax refund. Here s what to know about your stimulus check and taxes. Stimulus checks will have the opposite effect for those who are eligible to claim those payments when they file.
12 19 pm est sat january 09 2021. Washington if you haven t gotten the second stimulus check yet. If you re eligible for a stimulus payment you may be wondering if you ll owe taxes on it or if could affect your 2020 tax return.
The purpose of the eip was to stimulate the economy during the covid 19 outbreak. But this isn t widely understood. The stimulus payment or economic impact payment as the irs calls it is technically a tax credit for 2020.
The first check worth as much as 1 200 was based on either your 2018 or 2019 tax return while the second check worth up. The irs also notes that receiving a stimulus check will not affect your eligibility for any federal assistance programs such as food stamps. According to the irs the stimulus checks are not income and taxpayers will not owe tax on it this means that it will not decrease any refund or increase what you may owe.
The upside is that consumers whose earnings increase beyond the 75 000 and 150 000 thresholds won t need to pay back their stimulus checks tax experts say. And it s possible that consumers could. The 600 stimulus could affect your upcoming tax refund.
Keep the receipt that the irs mailed. If you were a high earner and your income took a big hit in 2020 you may be eligible to receive a partial. The stimulus payment is a federal tax credit for tax year 2020.
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