Stimulus Check Taxes Reddit

What s your agi where to find it and why you need it for stimulus checks and taxes.

Stimulus check taxes reddit. Your federal tax returns play an outsize role in your second stimulus payment and likely your third payment too. Everything about the government s covid relief bills. Stimulus checks may be delayed for some customers the irs and major tax prep software companies warned this week.

Because you re getting what amounts to a refundable tax credit now in the form of a stimulus payment rather than waiting to get the money from the credit in 2021 when you actually file your 2020 tax return you. Are people that didn t file taxes last year for 2018 eligible to receive stimulus check for virus. Help reddit app reddit coins reddit premium reddit gifts.

For instance the stimulus checks directed a combined 1 100 to each dependent child 16 and under but if you had a baby in 2020 the irs wouldn t have known that given the tax agency won t. Important stuff you need to know. Business economics and finance.

And is there a way to file late and receive check. Stimulus checks and your 2020 taxes. Important things you don t want to overlook.

The stimulus check you receive will not factor into your income tax liability. News discussion policy and law relating to any tax u s. Your second stimulus payment and likely third payment are determined by your federal tax returns.

For example if you owed 1 000 in taxes but had a refundable tax credit of 1 200 you d get a 200 tax refund check from uncle sam. Created mar 19 2020. Turbotax uses a temporary account for your tax refund deposit to withdraw their fees before sending it to your bank account.