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re: Tax ? Stimulus related
Posted on 2/3/21 at 10:58 am to bstew3006
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.
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