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re: Tax ? Stimulus related
Posted on 2/3/21 at 7:41 am to Lion4Life
Posted on 2/3/21 at 7:41 am to Lion4Life
quote:
No you are not. It has nothing to do with your 2020 filing. Even if in 2019 you were under the income limits but in 2020 you exceeded there is no payback of stimulus money.
The stimulus was an Economic Impact Payment (EIP). Which was a refundable Tax Credit that was advanced and when filing your 2020 taxes, your tax refund will be offset by the amount you received.
If you were able to receive the full amount in the first stimulus EIP ($3,400) and your tax refund is $4,000...EIP will be subtracted. Therefore, you’ll receive $600 tax refund
2
Posted on 2/3/21 at 8:14 am to bstew3006
You dont know what you are talking about.
Posted on 2/3/21 at 8:19 am to bstew3006
quote:This is completely incorrect
The stimulus was an Economic Impact Payment (EIP). Which was a refundable Tax Credit that was advanced and when filing your 2020 taxes, your tax refund will be offset by the amount you received.
If you were able to receive the full amount in the first stimulus EIP ($3,400) and your tax refund is $4,000...EIP will be subtracted. Therefore, you’ll receive $600 tax refund
ETA: other than the fact that it is an advanced tax credit. But, it's in addition to, not subtracted from whatever your tax refund was supposed to be.
This post was edited on 2/3/21 at 8:21 am
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