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Deductions & credits
court cases including those before the SCOTUS have ruled that advanced payments are taxable in the year received when the only obligation to return the money is if the goods or services are not delivered or performed. thus the 1099 is correct it is taxable in 2020. had the money been returned in 2020 then it would not have been taxable.
‎February 2, 2021
2:24 AM