Quote:
Originally Posted by thinkxingu
Joey, two questions: 1. Does it matter if someone files now, or is there some benefit to waiting to file (assuming all info/forms are available)? 2. Will stimulus payments reduce people's overall tax return? For example, if someone made approximately the same amount of money in '20 as in '19 with the same overall tax paid/write-offs, etc. but received stimulus payments will the return be similar?
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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
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