I wish it would only go to folks that really need it too, but I guess we can figure out a way to donate. I’m really surprised folks are getting deposits so soon. It seems like the folks that need it the most have to wait the longest. I guess the formula is much different from the first time. We don’t get much this time around.
I wish it would only go to folks that really need it too, but I guess we can figure out a way to donate. I’m really surprised folks are getting deposits so soon. It seems like the folks that need it the most have to wait the longest. I guess the formula is much different from the first time. We don’t get much this time around.
Had $600 show up overnight as well. Surprising that it was so fast -- expected it would be at least a couple of weeks.
Given the pending end of year, will these be treated as part of tax year 2020 or 2021?
My 21 year old son is still a dependent for TY 2020, but will be on his own for TY 2021.
I don't think he was eligible for the first stimulus payment, and he didn't receive one in advance.
It is a credit against your 2020 taxes. That's why they're frantically trying to distribute as much as they can by January 15. You are more likely to get a payment for your son this time because they changed the requirements so that more older dependent children are included.
I read that the final bill, like the previous stimulus bill, stated the dependents had to be 16 or younger.
It is a credit against your 2020 taxes. That's why they're frantically trying to distribute as much as they can by January 15.
I suspect they want to get it out before people start filing so the reconciliation works on the tax return. Otherwise, they might risk a duplicate payment being made as part of a refund on a tax return.This is probably some gov't accounting thing, but I'm curious so I just have to ask - What is the significance of the January 15th date?
I suspect they want to get it out before people start filing so the reconciliation works on the tax return. Otherwise, they might risk a duplicate payment being made as part of a refund on a tax return.
Nothing here, yet. I'm still not sure I'll get it.
Based on my 2019 income, I won't qualify, but my 2018 was much lower due to much higher retirement contributions in 2018. I received the first stimulus, and I filed a tax extension in April and filed my 2019 taxes on Oct 15 at the last possible moment in hopes I might get another stimulus, and I received a notice from the IRS about a week ago asking me to confirm the tax return is from me before they will process it. I have until Jan 8th to respond, which I'm holding off on for the same reason. So, I'm hoping my 2018 income will be used in determining my eligibility again since their notice said they haven't processed my return at this point.
I don't need it, but if I can legally qualify for it, I certainly want it!
In another few weeks, I'll get my second dose of the vaccine, so I'll stimulate the economy some by finally eating out again with my stimulus.
It is a credit against your 2020 taxes. That's why they're frantically trying to distribute as much as they can by January 15. You are more likely to get a payment for your son this time because they changed the requirements so that more older dependent children are included.
I am a little confused about the phrase "credit against your 2020 taxes." Is this $600 treated as regular income and where do I enter this amount when I file my taxes in a couple months?
I am a little confused about the phrase "credit against your 2020 taxes." Is this $600 treated as regular income and where do I enter this amount when I file my taxes in a couple months?