PILOT SPIN

Spin Zone => Spin Zone => Topic started by: Mr Pou on April 22, 2020, 06:16:33 AM

Title: Stimulus checks
Post by: Mr Pou on April 22, 2020, 06:16:33 AM

So, I was doing some poking, and what I thought I read was the personal stimulus checks were merely early credits against your potential 2020 tax refund.  If true, this will have big impacts on people come 15APR20. Anyone done some digging on this?

Title: Re: Stimulus checks
Post by: Lucifer on April 22, 2020, 06:27:10 AM

Quote from: Mr Pou on April 22, 2020, 06:16:33 AM

So, I was doing some poking, and what I thought I read was the personal stimulus checks were merely early credits against your potential 2020 tax refund.  If true, this will have big impacts on people come 15APR20. Anyone done some digging on this?

 From what I read it's not taxable.

Title: Re: Stimulus checks
Post by: President-Elect Bob Noel on April 22, 2020, 06:28:35 AM

Quote from: Mr Pou on April 22, 2020, 06:16:33 AM

So, I was doing some poking, and what I thought I read was the personal stimulus checks were merely early credits against your potential 2020 tax refund.  If true, this will have big impacts on people come 15APR20. Anyone done some digging on this?

do you have any credible sources for this?

Title: Re: Stimulus checks
Post by: Mr Pou on April 22, 2020, 06:51:27 AM

Quote from: Bob Noel on April 22, 2020, 06:28:35 AM

do you have any credible sources for this?

https://finance.yahoo.com/news/2020-stimulus-check-much-other-124848534.html

"the stimulus checks are actually just advanced payments of a new refundable tax credit for the 2020 tax year. The IRS hasn't said yet exactly how it will treat stimulus payments that are more than the 2020 tax credit amount. "

Title: Re: Stimulus checks
Post by: President-Elect Bob Noel on April 22, 2020, 07:30:09 AM

Quote from: Mr Pou on April 22, 2020, 06:51:27 AM

https://finance.yahoo.com/news/2020-stimulus-check-much-other-124848534.html

"the stimulus checks are actually just advanced payments of a new refundable tax credit for the 2020 tax year. The IRS hasn't said yet exactly how it will treat stimulus payments that are more than the 2020 tax credit amount. "

otoh - consider https://www.irs.gov/coronavirus/economic-impact-payment-information-center

"
Q20. Is the Payment taxable as 2020 income?

A20.No, the Payment is not income and you will not owe tax on your Payment. It will not reduce your refund or increase the amount you owe when you file your 2020 tax return next year.

A Payment also will not affect your income for purposes of determining eligibility for federal government assistance or benefit programs."

I think I'll go with the IRS source for now (I will acknowledge that the IRS doesn't always get it right)