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Deductions & credits
I thought Stimulus Payment # 2 is based of the 2019 taxes. Stimulus Payment #3 will be on the 2020 taxes.
The ADVANCE stimulus payments 1 & 2 were based on the 2018 or 2019 AGIs. If you did not get the full amount in ADVANCE then you can get the missing amount on the 2020 return as a CREDIT which uses the 2020 AGI and that means you may not be eligible for the credit based on the 2020 amount.
If you get the Stimulus check #3 and your 2020 AGI is above the cut off point, do you return the money from the stimulus check when you file the 2021 taxes?
As with the first 2 advances if you get too much third stimulus money in advance then you get to keep the excess ... you don't have to pay it back.
‎April 24, 2021
8:23 PM