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Posted on 2/3/21 at 10:19 am to dj30
quote:
You dont know what you are talking about.
The Stimulus payment is a federal tax credit for tax year 2020. However, unlike other credits, such as the child tax credit or earned income tax credit, the Govt distributed these payments ahead of tax season instead of making taxpayers wait until January when you file.
It is the same as giving Parents an advancement on the Child Tax Credit ($4,000 for two kids) before tax season.
The stimulus checks are not Taxable Income. The IRS/Govt is treating them like an Advanced 2020 Tax Credit. Once you clarify that you have received the Stimulus check while filing taxes, your tax refund is lowered by the amount received/advanced/credited. The Credit was removed from my refund after I marked the amount I had received. That's how I went from a small refund to owing a small amt.
This post was edited on 2/3/21 at 10:34 am
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