NRALIFR wrote:
ScottG wrote:
troubledwaters wrote:
gbopp wrote:
Nutinelse2do wrote:
1320Fastback wrote:
Put it in the savings account for when the feds come calling for it back.
This ^^^^^^
It’s a tax credit towards 2020 folks.
That's a taste of reality. :(
Except it's totally false unless you owe back taxes.
That's right. To be clear, the stimulous check isn't taxable and has no effect on your 2020 taxes.
True, but it is an advance of an anticipated refund you will get in 2021 when when you file your 2020 tax forms. If you don’t typically get a refund that large, you might want to make plans accordingly.
:):)
As part of the stimulous, a new tax credit was created for your 2020 taxes that you do in 2021. You are getting that money now so when you do your 2020 taxes, it will be a wash. You will not owe anything more than you would have before the stimulous
unless you make a LOT more money than you did in 2019. As you probably know, your stimulous check will be based off your 2019 earnings.
