topic Re: stimulus in Deductions & credits

stimulus

jcra — Sat, 28 Mar 2020 14:39:40 GMT

having read an article that the stimulus payment is actually a refundable credit against your 2020 tax liability and that it is paid out as an advanced refund, is it possible that my 2020 estimated payments that were calculated before these recent changes could be lowered??

Re: stimulus

ColeenD3 — Sat, 28 Mar 2020 14:58:43 GMT

Information is slow in coming. Here is what we have so far.

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Re: stimulus

NCperson — Sat, 28 Mar 2020 15:57:42 GMT

don't think of it that way.. you get a credit against the 2020 taxes BUT THEY ARE PAYING YOU THAT CREDIT IN APRIL. If they weren't sending out the checks, then yes, you would be correct.

so it shouldn't have any effect comes next spring. Where it may have an effect is for someone who for whatever reason didn't receive the correct amount and THAT will end up as a credit next spring

Re: stimulus

Anonymous — Sat, 28 Mar 2020 19:41:59 GMT

i doubt it and here is why

say your tax before the credit is $10,000

the credit computed is $1,200

this is reduced by the advanced payment say $1,200

additional credit 0

so you habe no credit to apllly to your tax laibility

so your tax due remains $10,000

some people may receive an additional credit say you get narried in 2020 and have a child

credit computed $2,900 ($1,200 for you and $1,200 for spouse + $500 for child)

assuming both of you received the abvance payment then this is reduced by $2,400

so you would get an additioanl credit of $500

Re: stimulus

NCperson — Sat, 28 Mar 2020 21:08:56 GMT

@Anonymous - and if for any reason you would appear to owe some of the money back, you won't have to - this is a one sided coin, if you are owed more, you get it, if you got too much, you do not have to repay it.

My concern is that government somehow completely missed a...

Kzcatluvr — Sat, 28 Mar 2020 23:08:00 GMT

My concern is that government somehow completely missed all the student population between age of 17 and 24 who are claimed by parents. Those people not considered kids, but parents still pay outrageous amounts for/to schools.

Re: stimulus

Joep215 — Sun, 29 Mar 2020 23:06:05 GMT

I just wanna know if my refund went on a turbo card will my stimulus also go in my turbo card?