Thread: Taxes ?
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Old 03-07-2021, 05:15 AM   #31
jeffk
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Quote:
Originally Posted by joey2665 View Post
Sorry just saw this been a little busy. Lol. They are telling us yes if you receive stimulus if the next round is based on 2020 which has yet to be filed so they use 2019 and subsequently your 2020 is over the threshold it will be reconciled next tax season and would be paid back when 2021 is filed in the form of a lower refund or additional funds due.

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Is that different from the previous stimulus checks? The reading I have done said that the previous 2 stimulus checks were paid based on the data available at the time and would NOT be clawed back when you actually filed taxes and have an income level that "disqualified" you. Nor would it reduce your refund in any way. It was a tax credit based on best available data at the time it was issued and there was NO second guessing the eligibility later.

The only change could be in your favor. If the government did NOT pay a stimulus to you because available data said you did not qualify HOWEVER when you do your taxes you DO qualify, you would receive a tax credit that "pays" the stimulus to you when you file.

Of course this is the federal government and the IRS. What they said then and what they actually do now are subject to change.
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