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Answers to your stimulus check questions.
Stimulus check 2020 do you pay back. If your stimulus. For example if an individual earned 50 000 in 2019 they qualify for the full 1 200 stimulus check. You won t be required to repay any stimulus payment.
However you could have a change in circumstances this year that shrinks the recovery rebate credit allowed for 2020. I will have to pay back the stimulus check next tax season assuming all of the information on your tax returns is correct you will not repay the check next spring. You don t have to pay your stimulus check back to the government and it will not reduce your tax refund for the year.
Some of the confusion may lie in the payment s technical terms. To pay the coronavirus stimulus payment back. According to the irs you won t be required to repay any stimulus check payment when filing your 2020 tax return even if your stimulus check is greater than your 2020 credit.
The stimulus check is a new federal tax credit available in 2020 that the. The stimulus checks are considered an advance refund of a 2020 tax credit not a loan. If you owe back child support your stimulus payment cannot be garnished to pay that debt.
Thankfully the irs has provided guidance. This could mean that the stimulus check you receive this year is larger than. Do i have to pay it back and is it taxable.
Yes the one time stimulus payments stemming from the cares act are technically advanced refunds on a tax credit that qualifying taxpayers will receive for 2020. But the law is not so clear on what happens if your stimulus check is more than your 2020 credit.
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