Re: [vpFREE] Stimulus check

 

From. H&R Block site. 

Is the stimulus an advance on my 2020 refund? How will it affect my 2020 refund?

No, it's not. When you file your 2020 tax return in 2021, you could get an additional stimulus payment, if your circumstances change. The additional payment would be added to your refund or reduce your balance due. If your stimulus payment was too high based on actual 2020 information, it will not lower your refund or add to your balance due.


On Tue, Apr 21, 2020, 9:19 PM Derek Franks gamb00ler@yahoo.com [vpFREE] <vpFREE@yahoogroups.com> wrote:
 

Do you have a link where I can read more information about how this stimulus payment is treated as a refundable tax credit?

Thanks!

G'luck all,
Gamb00ler

Randy Cowdery  wrote:


 

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.


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