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Started By
Message
Timing Your 2020 Tax Filings with Stimulus Checks
Posted on 2/22/21 at 12:03 pm
Posted on 2/22/21 at 12:03 pm
So I am trying to figure out the best time to file our 2020 taxes.
In 2019 we had an AGI of less than $150,000 which qualified us for all of the past stimulus payments. We had a baby in 2020. Our estimated AGI for 2020 will be roughly ~$175,000. That puts us getting a partial stimulus payment, but we would be able to claim our child as a dependent.
Should we go ahead and file our taxes to claim our child or should we wait until April to try and see how all of the stimulus breaks down?
In B4 "Only poors get stimulus money". Gimme my check. Daddy needs a new set of golf clubs.
In 2019 we had an AGI of less than $150,000 which qualified us for all of the past stimulus payments. We had a baby in 2020. Our estimated AGI for 2020 will be roughly ~$175,000. That puts us getting a partial stimulus payment, but we would be able to claim our child as a dependent.
Should we go ahead and file our taxes to claim our child or should we wait until April to try and see how all of the stimulus breaks down?
In B4 "Only poors get stimulus money". Gimme my check. Daddy needs a new set of golf clubs.
This post was edited on 2/22/21 at 12:07 pm
4
Posted on 2/22/21 at 12:10 pm to Drunken Crawfish
They're advanced refundable tax credits, it doesn't really matter
Posted on 2/22/21 at 12:47 pm to Mingo Was His NameO
So if a person would receive more stimulus if calculated by 2019 agi v 2020 agi, that person wouldn’t benefit from delaying their 2020 tax filing until after the stimulus checks are sent?
I don’t think that is correct.
I don’t think that is correct.
Posted on 2/22/21 at 12:53 pm to WDE24
(no message)
This post was edited on 2/3/25 at 8:59 am
Posted on 2/22/21 at 1:01 pm to Drunken Crawfish
(no message)
This post was edited on 11/30/24 at 8:30 am
Posted on 2/22/21 at 1:08 pm to Drunken Crawfish
It really depends on what they're going to use to calculate the payments.
I find it hard to believe that if legislation passes before April as expected, they will use some 2020 filings, but also 2019 filings. Maybe they have an easy way to use the "latest" filing. Who knows...
If you're better off with the 2019 filing, I would delay until early April.
If you're better off with the 2020 filing, send it in asap. If you don't get the full amount, you will get a credit for the difference in 2022. However, if you are given more than you should have, you do not have to pay anything back.
I find it hard to believe that if legislation passes before April as expected, they will use some 2020 filings, but also 2019 filings. Maybe they have an easy way to use the "latest" filing. Who knows...
If you're better off with the 2019 filing, I would delay until early April.
If you're better off with the 2020 filing, send it in asap. If you don't get the full amount, you will get a credit for the difference in 2022. However, if you are given more than you should have, you do not have to pay anything back.
Posted on 2/22/21 at 1:15 pm to Drunken Crawfish
You are going to get the $2K child tax credit for the baby, whether you file now or this summer. It's just a timing issue.
Assuming that the phaseouts are the same, and it's $1400 per person, if stimulus based on 2019, you will get $2800. If stimulus based on 2020, you will get $4200 less the phaseout. The phaseout is $5 per $100, So the phase out is 5% of 25K in your case, or $1,250. Thus, $4200 - $1250 = $2,950.
So if all of that holds true, it would make sense to file now so they use 2020.
We don't know if all of that will hold true. We also don't know if the waiver on repayment will continue.
Assuming that the phaseouts are the same, and it's $1400 per person, if stimulus based on 2019, you will get $2800. If stimulus based on 2020, you will get $4200 less the phaseout. The phaseout is $5 per $100, So the phase out is 5% of 25K in your case, or $1,250. Thus, $4200 - $1250 = $2,950.
So if all of that holds true, it would make sense to file now so they use 2020.
We don't know if all of that will hold true. We also don't know if the waiver on repayment will continue.
Posted on 2/22/21 at 1:35 pm to lnomm34
quote:I don’t think they have been requiring that with previous stimulus.
you’ll just have to pay back the portion you weren’t eligible for when you file next year.
Posted on 2/22/21 at 1:38 pm to WDE24
quote:
you’ll just have to pay back the portion you weren’t eligible for when you file next year.
Nope. Only if it was sent to a dead person does anyone have to repay
Posted on 2/22/21 at 1:57 pm to WDE24
(no message)
This post was edited on 2/3/25 at 8:59 am
Posted on 2/22/21 at 3:02 pm to Mingo Was His NameO
quote:That's not true
They're advanced refundable tax credits, it doesn't really matter
Posted on 2/22/21 at 9:30 pm to castorinho
Soooo what are they?
Posted on 2/22/21 at 9:52 pm to Drunken Crawfish
My wife and I didn’t qualify for the first one because we didn’t file our taxes till later in the year. Our AGI was to high in 2018 since they had to use that years returns. When we did file our 2019 returns, it showed we would have been eligible. Is there a way to show that we should have qualified and still receive it or has that bird flown the coop?
Posted on 2/22/21 at 9:52 pm to Drunken Crawfish
quote:He said it doesn't matter. Well, if your taxable income was lower in 2019 (what they have on file) than it will be when you file for your 2020 taxes then you wait to file to collect more stimulus money. When you file later this year, you won't have to give it back.
Soooo what are they?
But if you file now, and show the higher 2020 income, you'll get a lower stimulus.
So, it matters.
This post was edited on 2/22/21 at 10:04 pm
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