- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Tax ? Stimulus related
Posted on 2/3/21 at 10:19 am to dj30
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
3
Posted on 2/3/21 at 10:37 am to bstew3006
quote:
That's how I went from a small refund to owing a small amt
So your statement is just based on some running tabulation displayed on your software prior to completing your return?
Posted on 2/3/21 at 10:42 am to bstew3006
quote:
That's how I went from a small refund to owing a small amt.
This is probably because you are running it through the software. They are taking that credit into account while you are filling everything out.
It doesn't affect income. If you don't consider the credit at all, like the software has already done, you would have owed.
This post was edited on 2/3/21 at 10:47 am
Posted on 2/3/21 at 10:58 am to bstew3006
quote:
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 didn't happen when I put in what I received. In 2019 my wife and I were over the $150K limit for the full amount so our second stimulus was reduced. In 2020 we were below $150K so when I put in what I received the reduction was added to my refund. If you had the amount of the stimulus received deducted then you must have been starting with the full credit as if you didn't receive anything.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News