Stimulus Payment Tax Credit
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The stimulus payment or economic impact payment as the irs calls it is technically a tax credit for 2020.
Stimulus payment tax credit. Unlike a tax deduction which reduces your taxable income and therefore your tax payment a tax credit reduces the amount of tax you owe dollar for dollar. Line 30 of your tax return is the. And in some cases even a person who received both a 1 200 first round stimulus check and a.
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. But this isn t widely understood. That includes up to 600 per individual 1 200 per married couple filing jointly.
Single filers with an agi of up to 75 000 or married couples filing jointly. Remember the direct payments are technically an advance credit on the taxes you will file early next year for your 2020 earnings. If you were eligible but missed out on one both or received partial stimulus payments line 30 on your return is where you will find the recovery rebate credit.
Whoever claimed the child for 2019 probably received both the 500 and 600 payments with their stimulus check. If a person s 2019 earnings surpassed the income caps but then. Millions of second stimulus checks are on their way to americans after congress authorized the payments last month.
Technically stimulus payments are an advance on a tax credit for the 2020 tax year. The stimulus payment is a unique fully refundable tax credit. 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.
But since the payments are technically a credit for 2020 taxes there could be a loophole that allows the other parent to get the credit for the same child when they file next year. 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. The irs calls this credit the recovery rebate credit.
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