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#16771 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Here’s from forbes
refundable tax credit? A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don’t have any tax liability, the “extra” credit is not lost but is instead refunded to you. In this case, the stimulus check acts like a refund for a new, temporary tax credit that you get in advance based on your 2020 income. That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns. But since it’s an advance payment on a new credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check. Can you give me an example? Sure. Let’s say you’re entitled to a stimulus check for $1,200 and you get your check this year (in 2020). Let’s also say that you were expecting a $1,500 refund in 2021 (for the 2020 tax year). When you get your stimulus check, that doesn’t change your expected refund: you would still qualify for the $1,500 in 2021. But what if you didn’t get your stimulus check because you didn’t file in 2018 or 2019 – or some other reason? You’ll still get your $1,500 in 2021 but you’ll also get the $1,200 in 2021. Either way, you won’t miss out by taking the check and you don’t have to pay it back. |
Posts: 55,715
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#16772 |
Life is changing..
Join Date: Jul 2012
Location: NW Missouri
Casino cash: $-2470000
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People on Twitter pissed at http://www.healthdata.org/covid
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Posts: 43,070
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#16773 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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So how does this work? Do I need to file anything to get my check? Technically, the checks are advances of a new, temporary credit for 2020. It will not affect your “normal” refund in 2020, nor how much you owe. Since we haven’t filed for 2020 yet, the IRS will “advance” your check based on your most recently filed tax return (2018 or 2019 tax return). If you haven’t filed a tax return, and your income is from Social Security benefits, the bill allows Treasury to use the information on your 2019 Form SSA-1099, Social Security Benefit Statement, Form RRB-1099, Social Security Equivalent Benefit Statement (after some initial confusion, this was confirmed by the Treasury and IRS).
Also from Forbes |
Posts: 55,715
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#16774 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Posts: 55,715
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#16775 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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They are giving a credit on 2020 taxes and advancing it to people now.
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Posts: 55,715
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#16776 |
Shit
Join Date: Jun 2008
Casino cash: $10039067
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Q. A friend told me the CARES stimulus payment will be returned to the IRS when we file our 2020 income tax return. Somebody else emphatically stated the stimulus money will count as 2020 income. Are they right?
— W. T., Niles A. It didn’t take long for urban legends to surface about the CARES stimulus payments from the “feds” which will happen later this month. First and foremost, the payments will not be included in 2020 income. The official title for the stimulus funds is the “2020 Recovery Rebate for Individuals.” Practically speaking, any payment you receive is an ADVANCE PAYMENT of a credit that will appear on your 2020 income tax return. Here’s an example which we hope will help. A single taxpayer with two children (both under 17) receives a stimulus check for $2,200 (i.e., $1,200 for the taxpayer plus another $1,000 for the children) on April 30, 2020. When our taxpayer prepares a 2020 income tax return, a $2,200 credit appears on the Form 1040. Elsewhere on the return, the $2,200 ADVANCE PAYMENT of the credit will surface. The result is a “wash” meaning the credit and the ADVANCE PAYMENT cancel each other out. Bottom line result, the taxpayer receives $2,200 (non-taxable) to spend and the money is NOT returned to the IRS. |
Posts: 55,715
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#16777 | |
El Diablo
Join Date: Dec 2004
Casino cash: $1746679
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Quote:
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Posts: 6,108
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#16778 |
In Search of a Life
Join Date: Jul 2009
Casino cash: $-615936
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Posts: 84,191
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#16779 |
Andy Reid Supporter
Join Date: Apr 2012
Casino cash: $-1520389
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NYC also recorded lower death rate today for the first time. Let’s hope we’ve hit the peak and this starts to level off
__________________
Mike Greenberg@Espngreeny I can’t fathom what it must be like to be a fan of the #Chiefs. Adopt a Chief: Jared Wiley |
Posts: 52,135
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#16780 |
Supporter
Join Date: Sep 2000
Location: Hollywood, CA
Casino cash: $10053648
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Posts: 88,960
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#16781 |
Supporter
Join Date: Sep 2000
Location: Hollywood, CA
Casino cash: $10053648
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And what's with all this "people are going to get sick of being locked up" nonsense?
We've been on Lockdown in LA for more than three weeks and I haven't heard or seen anyone say "I'm sick of this!". If anything, people have been completely understanding about this situation and want to do anything possible to make sure we're safe, even if that means 60 or 90 more days of lockdown. |
Posts: 88,960
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#16782 | |
The Beast Inside Your Head
Join Date: Jul 2006
Location: Parts Unknown
Casino cash: $-1680878
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Quote:
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Posts: 26,259
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#16783 |
MVP
Join Date: Sep 2005
Casino cash: $2121115
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Update: Chest still feels like I'm in a constant bear hug, but breathing is a slight bit easier today - not quite as wheezy. But my fever is back up over 101 again and steady.
Maybe O.City is gonna get let off the hook? |
Posts: 60,750
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#16784 |
In Search of a Life
Join Date: Jul 2009
Casino cash: $-615936
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Posts: 84,191
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#16785 | |
In Search of a Life
Join Date: Jul 2009
Casino cash: $-615936
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Quote:
Kinda same thing happening here. People are getting antsy |
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Posts: 84,191
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