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??
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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
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
@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 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.