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brandy-palafox96
Level 1

I would love some information on the Cares Act, and how it would affect me? I usually don’t get a lot from taxes back and I was wondering how that works?

I know it’s to help aid in the loss of jobs during the Coronavirus but what if you don’t want to accept the money?
2 Replies
CatinaT1
Expert Alumni

I would love some information on the Cares Act, and how it would affect me? I usually don’t get a lot from taxes back and I was wondering how that works?

Follow these sites for the most up to date info.  Things are changing rapidly.  Not all questions have been answered yet.

 

IRS Coronavirus Tax Relief

TurboTax Corona Virus Tax Center Updates

https://www.sbtpg.com/coronavirus-stimulus-payment-info/

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AmeliesUncle
Level 12

I would love some information on the Cares Act, and how it would affect me? I usually don’t get a lot from taxes back and I was wondering how that works?


@brandy-palafox96 wrote:
I know it’s to help aid in the loss of jobs during the Coronavirus but what if you don’t want to accept the money?

If you are referring to the $1200 Stimulus payment, no, it is only for those who have lost money from their jobs.    It is meant to stimulate the economy (which DOES help other people keep their jobs).  They WANT everybody to SPEND the money, so in turn, that spent money can be used by others, which as you said, can help people keep their jobs

 

So if you were to not spend the money, you are helping the keep the economy down, and effectively helping to keep people unemployed.

 

In direct answer to your question, it is a tax credit.  So in order to file a correct 2020 tax return, you NEED to accept it.

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