Reply to Did anyone who was NOT expecting a stimulus check receive one?

Forum Index » Money and Finances

Reply to "Did anyone who was NOT expecting a stimulus check receive one?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Of the people posting that they do not expect a stimulus deposit but received one-- what are the odds this is actually your 2019 refund and you are just confused?[/quote]
None at all. There is info saying that it is based on 2018 income and it is the stimulus and that if our income was higher in 2019 we will have that much less of a refund or owe money.[/quote]

Interesting. What's the source on this? My income for 2019 is definitely much higher.[/quote]

No source because it isn't true. 
[url]https://taxfoundation.org/federal-coronavirus-relief-bill-cares-act/[/url]
[quote]If I make more income in 2020, do I have to pay any amount back?
No, if the amount of credit a taxpayer qualifies for in 2020 is less than it was based on their 2019 return, it does not have to be paid back and it is not considered taxable income. [/quote][/quote]

And this

[url]https://www.snopes.com/fact-check/covid-stimulus-check/[/url][/quote]

[quote]In the opposite situation, when a person’s income in fact rises from 2018/2019 to 2020, they won’t have their refunds reduced in 2020 or face any other claw-back. Say an individual filed a 2018 tax return and made $75,000 and hasn’t filed a 2019 return yet. Then in each of 2019 and 2020 they make $100,000 (above the phase-out for the rebate for an individual). This individual should receive a stimulus payment of $1,200 immediately because the IRS will use their 2018 filing data in absence of a 2019 return. But when they file for 2019 and 2020, they will not be required to pay back the advance refund. Any tax refund they have for 2019 or 2020 won’t be reduced below what it would have been otherwise.[/quote][/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics