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re: Questions about muh check
Posted on 3/29/20 at 7:55 am to Darth Boudin
Posted on 3/29/20 at 7:55 am to Darth Boudin
quote:
Will it be tax free?
It’s an advance on a refundable 2020 tax credit. It reduces tax burden. You will get the 500 for that kid in the form of a tax credit when you file next year.
1
Posted on 3/29/20 at 8:12 am to Dawgfanman
I have a kid born in 2018, and a kid born this year.
Wife and I both work, make slightly under 150k
So I’ll get a check for 2,900? Then a $500 tax credit next year when filing for the second baby?
Also, this $2,900 check is not taxable income being that it’s an advance on a tax credit?
Wife and I both work, make slightly under 150k
So I’ll get a check for 2,900? Then a $500 tax credit next year when filing for the second baby?
Also, this $2,900 check is not taxable income being that it’s an advance on a tax credit?
This post was edited on 3/29/20 at 8:14 am
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