wallygator69
Recycles dryer sheets
- Joined
- Jan 27, 2006
- Messages
- 371
Howdy,
Per a Dave Ramsey article:
Stimulus Checks
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s $2 trillion relief package, the government sent up to $1,200 in the form of a stimulus check to millions of Americans shortly after the pandemic shut most of the country down.10
The good news is your stimulus check will not count as taxable income. Instead, it’s being treated like a refundable tax credit for 2020. Translation: Your stimulus check is sort of like an advance on money you would have received anyway as part of your tax refund in 2021.
We are trying to hit $23,000 MAGI for ACA. We typically do not get a refund or if we do It's $100. We got the $2400. I don't understand how it will effect anything...
Thanks as always,
Wally
Per a Dave Ramsey article:
Stimulus Checks
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s $2 trillion relief package, the government sent up to $1,200 in the form of a stimulus check to millions of Americans shortly after the pandemic shut most of the country down.10
The good news is your stimulus check will not count as taxable income. Instead, it’s being treated like a refundable tax credit for 2020. Translation: Your stimulus check is sort of like an advance on money you would have received anyway as part of your tax refund in 2021.
We are trying to hit $23,000 MAGI for ACA. We typically do not get a refund or if we do It's $100. We got the $2400. I don't understand how it will effect anything...
Thanks as always,
Wally