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Covid-19 Legislation


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5 minutes ago, knapplc said:

Anyone else hearing that this is just an advance on your next year's income tax return? 

 

 

That would be a big departure from all of the previous communication.  From the linked below article "This payment is not taxable income. Instead, it is an advance refund on the taxes you will owe for 2020. If it turns out that you would not qualify for the money based on your 2020 tax return, you do not have to return it.  It’s yours to keep.”

 

https://www.cnbc.com/2020/04/01/whos-eligible-for-covid-19-stimulus-checks-your-questions-answered.html

 

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1 minute ago, ColoradoHusk said:

That would be a big departure from all of the previous communication.  From the linked below article "This payment is not taxable income. Instead, it is an advance refund on the taxes you will owe for 2020. If it turns out that you would not qualify for the money based on your 2020 tax return, you do not have to return it.  It’s yours to keep.

 

https://www.cnbc.com/2020/04/01/whos-eligible-for-covid-19-stimulus-checks-your-questions-answered.html

 

 

Thank you. I've been searching this off and on for a while, but the bold sentence is the piece I keep missing.

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2 minutes ago, ColoradoHusk said:

That would be a big departure from all of the previous communication.  From the linked below article "This payment is not taxable income. Instead, it is an advance refund on the taxes you will owe for 2020. If it turns out that you would not qualify for the money based on your 2020 tax return, you do not have to return it.  It’s yours to keep.”

 

https://www.cnbc.com/2020/04/01/whos-eligible-for-covid-19-stimulus-checks-your-questions-answered.html

 

 

So, if I normally get around $1800 in refunds, next year will only be $600 because of stimulus, but if I were only to get $600, the rest is a bonus?

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