Current Events > Does the stimulus effect taxes next spring?

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lww99
04/16/20 10:39:09 AM
#1:


Not really sure how this works.

Is it free money, or is it supposed to be an advance on your tax return lol

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kyujo
04/16/20 10:40:01 AM
#2:


Does not appear to, no

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SK8T3R215
04/16/20 10:40:57 AM
#3:


It's a 2020 refundable tax credit they're sending out early.

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Hexenherz
04/16/20 10:42:04 AM
#4:


SK8T3R215 posted...
It's a 2020 refundable tax credit they're sending out early.
This, so no.

It's something you'll probably have to claim on your return but it shouldn't impact your refund amount.

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lww99
04/16/20 10:43:02 AM
#5:


SK8T3R215 posted...
It's a 2020 refundable tax credit they're sending out early.

i dont really know what this translates to.

I make like 35k a year, claim nothing, usually get $1200 back.

so would they cancel each other out? Sorry taxes confuse me

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lww99
04/16/20 10:43:39 AM
#6:


Hexenherz posted...
This, so no.

It's something you'll probably have to claim on your return but it shouldn't impact your refund amount.

alright cool

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SK8T3R215
04/16/20 11:13:28 AM
#7:


lww99 posted...
i dont really know what this translates to.

I make like 35k a year, claim nothing, usually get $1200 back.

so would they cancel each other out? Sorry taxes confuse me

No it has nothing to do with your tax and withholdings.

You should adjust your withholdings so you get most of that $1200 back during the year.

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