Quote:
Originally Posted by thinkxingu
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?
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Yes it’s a credit not a deduction. Additionally it really doesn’t matter when you file. If you receive the next round of stimulus in 2021 you will also need to do a reconciliation with that return and if you receive all or part of a stimulus you are not entitled to you will need to repay
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