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A refundable tax credit like the american opportunity tax credit or earned income tax credit.
Stimulus check is refundable tax credit. But the stimulus check is the other kind of tax credit. Currently the child and dependent care tax credit is nonrefundable and it can be valued at up to 1 050 per child under age 13 or 2 100 for two or more kids under age 13. But this isn t widely understood.
The recovery rebate credit will reduce how mucy you owe on 2020 income tax return or boost a tax refund that arrives sometime in march or later. You will have to claim in on your 2020 taxes but there is nothing to pay back. Your stimulus check is formally called a recovery rebate credit the stimulus checks handed out this year to combat the financial effects of the pandemic are technically an advance tax credit called.
Your earnings in 2020 exceed the agi limits. So if you receive a credit for the 600 stimulus check but owe 500 you will receive a payment of just 100. The stimulus check is a tax refund advance.
To begin with you will not have to pay back your irs stimulus tax refunds. For most people the government bases the stimulus payment on their adjusted gross income for 2018 and 2019. Even if you don t owe a penny of tax you get the full 1 200 per person provided you don t earn too much and you re not a dependent.
Some people assume that the irs will add the amount to your income generating a bigger tax bill or reduce your future tax refund when you file your tax return next year. The stimulus payment isn t an advance on your tax return. These are the ones the government will give you a refund for even if you ve hit net zero and don t owe anything.
The stimulus payment is a unique fully refundable tax credit. But this isn t widely understood.
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