Stimulus Tax Credit Reddit

In 2019 i filed my tax return saying i can be claimed as a dependent. I usually have to pay taxes every year since i m self employed so if i would normally have to pay 6k with the stimulus would i have to pay 7200 or could i actually use a portion of that money. So if your refund was going to be 800 00 the credit means it s now 2000 00.

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There s nothing to worry about and no you won t owe it when taxes come around.

Stimulus tax credit reddit. But you get 1200 00 now and still get your normal 800 00 refund with your 2020 return. If let s say in 2020 you made over the limit of 75k than you will have to pay some of the amount from the stimulus check. So an extra 1200 00 of money.

My dad however did not claim me as a dependent but filed taxes late as hell. Stimulus checks are tax credit advances. And of course there can be significant differences between.

The same way you claim a child or person on your credit report and it s deducted. What exactly does this mean. According to tax attorney kelly phillips erb it s important to understand that the cares act views the economic impact payments as tax credits on your.

The 900 billion stimulus package directs 600 to each child in a family as long as they are considered qualifying children under the irs tax code for the child tax credit. The recovery rebate credit is listed on line. When you will file a tax return for 2020 irs will compare your 2020 agi to the agi from 2019 tax return.

It s a 1200 tax credit. The stimulus themselves are tax credits. You most likely will receive a stimulus check amounted to 1200 because your agi was less than the limit of 75k.

The recovery rebate credit will reduce how much they owe on their 2020 income tax return or boost their tax refund sometime in march or april or later. I have received 0 stimulus money assuming that they think i m a dependent bc i filed that i could be claimed as a dependent. This year i will claim myself and my parents definitely won t claim me.