Quote:
Originally Posted by carlos3652
More on the bill:
It is a refundable tax credit - The check acts like a refund you get in advance. When you file your 2020 tax return, the IRS will compare your income numbers.
If you should have gotten more than you did, you’ll get a refund. If the numbers on your 2020 tax return are different from your 2019 tax return, I don’t expect that you’ll have to pay it back (as the bill is written now). Don’t worry: most taxpayers should get just the right amount.
This is not taxable income.
From Forbes: https://www.forbes.com/sites/kellyph.../#60efd56f1f9c |
This is how I thought it would work. Im not sure where people were getting the idea that this money is going to be taxed.
So I know that they are going by either the 2018 tax return, 2019 tax return, or your Social Security statement. Does this mean people that have been unemployed or people collecting social security get stimulus money?