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wishstar

(5,268 posts)

8. Those with higher 2020 income making them go over thresholds might not get to keep it all

Reply to stopbush (Original post)

Mon Mar 30, 2020, 04:14 PM

Mar 2020

For instance if someone reports higher 2020 income than their 2018 or 2019 income and they are over the income limits, they would not be able to use the entire credit allowed against their stimulus payment and could owe some or all of it back.

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21 replies

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Is that $1200 check we're getting another advance against future IRS refunds? [View all] stopbush Mar 2020 OP

No, it is not. elleng Mar 2020 #1

I've heard it's not Turin_C3PO Mar 2020 #2

Is it taxable income? CurtEastPoint Mar 2020 #3

not 100% sure, but my understanding is yes, it is. unblock Mar 2020 #5

No Marrah_Goodman Mar 2020 #6

It is an advance on a special credit on 2020 taxes Marrah_Goodman Mar 2020 #4

Ok. stopbush Mar 2020 #10

Is it automatic for anyone who filed a return for 2018? lpbk2713 Mar 2020 #7

Automatic for 2018 or 2019, depending if you filed 2019. stopbush Mar 2020 #9

It is automatic. Marrah_Goodman Mar 2020 #11

It's automatic if you filed 2018 or 2019 returns wishstar Mar 2020 #12

If You Filed... ProfessorGAC Mar 2020 #13

Do you know how long it will take to receive if you are getting a direct deposit amount? smirkymonkey Mar 2020 #17

Good Question! ProfessorGAC Mar 2020 #18

Thanks Professor GAC! smirkymonkey Mar 2020 #19

They are using the bank information from the tax returns if you used direct deposit. Marrah_Goodman Mar 2020 #20

Cool ProfessorGAC Mar 2020 #21

Thanks all ... lpbk2713 Mar 2020 #14

Those with higher 2020 income making them go over thresholds might not get to keep it all wishstar Mar 2020 #8

Yes, it is. Jirel Mar 2020 #15

No, but customerserviceguy Mar 2020 #16