The stimulus money you are getting now is an advance on a new refundable tax credit on your 2020 tax return. If you get the full amount now, you will not get anything on your 2020 tax return. If you get less than the max now, but in 2020 are eligible for more than the advance you got (if any), then you will get the difference as a credit on your 2020 tax return. If you got more with the advance than you qualify for in 2020, good for you. You won't have to pay it back on your 2020 tax return.
From: vpFREE@yahoogroups.com <vpFREE@yahoogroups.com>
Sent: Tuesday, April 21, 2020 8:02 PM
To: vpfree@yahoogroups.com
Subject: Re: [vpFREE] Stimulus check
If you already filed your 2019 return which happened to pop your AGI above the $150,000 joint limit to get the full stimulus check, you will receive a reduced amount, unless you jointly reported income over $198,000. Then you will get nada sent to you.
However, if 2019 was an aberration, and you have 2020 income within the limits, according to Moneywatch: "The IRS will also assess your eligibility based on your adjusted gross income from 2020, so if you earn below the threshold this year, you will likely receive the difference in your refund." In another article I read, they said "IRS will credit you with a larger refund up to the maximum stimulus payment or reduce your tax by that amount".
Whether this just looks back to 2018 AGI and recognizes the 2019 aberration or if you go below the threshold in 2020 for the first time (in 2018, 2019, or 2020), nobody that I have seen addresses this issue.
I have not seen any of this on the IRS website yet in a very cursory examination, but there is a possibility, I believe, that this will be the case.
It would seem logical that a 2019 aberration should not be penalized, especially since it only penalizes those who filed early in 2020 for 2019.
But it is something to watch for, or if there are any tax accountants in the group who have definitive knowledge, we would appreciate their sharing.
Or maybe Jean Scott can update with Tax Help for Gamblers in the Age of Coronavirus.
Certainly the game is rigged. Don't let that stop you; if you don't bet, you can't win. -Lazarus Long
In theory, there is no difference between theory and practice. But, in practice, there is. -Yogi Berra
There is no such thing as luck. There is only adequate or inadequate preparation to cope with a statistical universe. -Robert Heinlein
On Tuesday, April 21, 2020, 07:59:24 PM EDT, Sylvia Gosline sgosline@gmail.com [vpFREE] <vpfree@yahoogroups.com> wrote:
Anyone else not getting a stimulus check because W2-g income was too high?😡..
Sent from my iPhone
[Non-text portions of this message have been removed]
Posted by: "Randy Cowdery" <home@tbredtax.com>
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