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For example if an individual earned 50 000 in 2019 they.
Economic stimulus check pay back. People who make significantly more money in 2020 than in 2019 will not have to pay back any of the money they receive from the stimulus. The way the law is written stimulus checks are actually just advanced payments of a. Adults with agis up to 75 000 per.
Based on his 2019 return nicholas received a 950 stimulus check. If your stimulus check is higher than expected here s some good news. The stimulus checks are taxed the stimulus checks are not taxable income.
The size of your stimulus check is based on your adjusted gross income agi which is your total income minus adjustments like standard or itemized deductions. The checks which are worth 1 200 for individuals earning up to 75 000 and 2 400 for couples earning up to. He is single with no children.
As a result his agi jumped from 80 000 in 2019 to 95 000 in 2020. Rumors have circulated on social media that americans receiving the check will have to pay the money back come tax season in 2021 or that by receiving the check it will cost them their tax refund. The 2 2 trillion stimulus bill that authorized direct checks to millions of americans is a sprawling and complicated piece of legislation true story.
The irs recently acknowledged that there is no provision in the law requiring repayment of a stimulus check. However based on his 2020. The irs says that for the most part you should not have to pay it back.
But here s another true story.
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