Is Stimulus Check An Advance On 2021 Tax Refund
The advance you ve been hearing about is in reference to a special tax credit that ll appear on the tax return you file in 2021 for the 2020 tax year a tax credit that wouldn t have been there.
Is stimulus check an advance on 2021 tax refund. So if the irs doesn t send you a second stimulus check by january 15 2021 you. As we already noted the checks that will be sent now are really just advanced payments of a new 2020 tax credit. No your eip won t reduce your tax refund.
Is the stimulus payment an advance on my tax refund. If you received any stimulus check or got a direct deposit of economic impact payments eip or through a stimulus eip debit card a question may hover if the payment will actually increase your tax or reduce your expected tax refunds during the year 2021. So the internal revenue service isn t giving you some of your 2020 tax refund upfront.
No the stimulus check won t be deducted from your tax refund next year 5 on your side interviewed saint louis university law professor and taxation expert henry ordower to explain the. The stimulus check is a separate payment outside of your tax obligations. A different contributor on forbes platform also attempted to determine the source of the money making what looked like a conflicting claim that taxpayers who received too much coronavirus stimulus money would be on the hook in 2021.
Your tax refund is money paid back to you because you overpaid your taxes during the year. Will my stimulus payment reduce my expected 2021 tax refund.