re: Some Stimulus Check Answers (and other issues)

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What does this part mean? Who gets the credit upfront and who gets it after filing their 2020 income tax? Does everyone get the credit, and only those who make less than 75k get the advanced portion?

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The credit is going to be based on your 2020 AGI. But rather than making EVERYONE wait until next year to get money, the IRS will use your 2018 income / situation to determine if/how much you get in advance payments, i.e. a check or direct deposit in the next weeks/months, as opposed to waiting until you file your 2020 return next year.

If your situation doesn't change from 18 to 20 (number of dependents stays the same, income stays below threshholds) then your credit will be the same as your advance payment, so on your 2020 return, your net is zero.

If your situation does change, you may get additional credits on your 2020 return. You may also have to pay some of it back, but we aren't sure yet if the IRS will actually make you pay it back, or if they will just say "nah you're good".

An interesting part about this is that the politicians are saying checks/direct deposits could happen in 2-3 weeks, and the IRS, who would be tasked with making the payments, is basically saying, not a chance.