Quote:
Originally Posted by jeffk
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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This is what we are hearing from IRS and AICPA but until the bill is passed we have no idea. I recommend to my clients if they received the first 2 stimulus checks and their income went over the threshold than try to hold out filing until the 3 round is out.
Additionally an interesting side effect is if you had a dependent that you did not receive stimulus for and they had earned income they should probably file on their own and claim themselves. If they do this they retroactively get $1800. 1200 from the first stimulus and 600 from the second stimulus. But again they have to have enough earn income to file on their own and clam themselves
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