Quote:
Originally Posted by joey2665
1) not you can file as soon as the IRS starts accepting tax return via efile which is February 12th.
2) Yes it is a refundable tax credit. So if the credit exceeds your tax liability you will be refunded any excess credit. Let say you owe 500 and they owe you a stimulus credit of 1000 you will receive a 500 refund or if you were getting a 500 refund before the credit of 1000 you would then receive a refund of 1500
Sent from my iPhone using Winnipesaukee Forum mobile app
|
Ok, so it's a credit that would be separate from deductions, etc.
What I read about holding off to file is because if the new stimulus reconciliation goes through it would be (presumedly) based on one's latest tax return. So, if we made more in 2020 than in 2019, which we did marginally, any future stimulus check might be reduced by that new income. Does that make sense? I mean, I'm guessing by the time it's actually processed—two weeks—and goes through, it might not matter, but Daddy needs a new pair of shoes, ya dig?
Sent from my SM-G950U using
Winnipesaukee Forum mobile app