GeneralStimulus - Pay In Next Year?
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GeneralStimulus - Pay In Next Year?Posted:

TheFakeMrSneaky
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Hello very basic here... Say you were going to receive $1000 after taxes next year... Would you owe $200 since you received a $1200 stimulus check?
#2. Posted:
Joey
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I'm confused lol
#3. Posted:
Maze
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Your tax return will be the same, this money is from your taxes.
#4. Posted:
Joey
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Maze wrote Your tax return will be the same, this money is from your taxes.
the stimulus is??
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Joe_ wrote
Maze wrote Your tax return will be the same, this money is from your taxes.
the stimulus is??


No it's not. $2 trillion+ package was created from federal funding and around $500m of that money was used to send out stimulus checks. The reason your tax information is so important is because the IRS handled giving out the money since it's the fastest way to do so, they have your information and bank account on file to quickly send.
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Sorry but I am actually confused, as far as I'm concerned it's considered a deductible and anyone that claimed it will not be seeing their tax returns next year. Could be wrong tho because I am Canadian.
#7. Posted:
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Goodfellas wrote Sorry but I am actually confused, as far as I'm concerned it's considered a deductible and anyone that claimed it will not be seeing their tax returns next year. Could be wrong tho because I am Canadian.


I guess it'd be smart for OP to tell us what country he's in.
#8. Posted:
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If you're in the US, there's a plethora of information about how the stimulus check will impact your taxes. In short:

No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs.

Source

If you're not in the US, then I'm sure there's information available for your specific country.
#9. Posted:
TheFakeMrSneaky
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Fold wrote If you're in the US, there's a plethora of information about how the stimulus check will impact your taxes. In short:

No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs.

Source

If you're not in the US, then I'm sure there's information available for your specific country.


This answers it. I am from the US. The reason I asked this question was I had 2 people IRL telling me two different things, and a google search could have gave me the answer but was hoping for something like this (Someone that knows what their talking about xD).

I had one member saying If you were to receive $1300 next tax season you would only receive $100 due to the $1200 stimulus. Then, one member saying shouldn't be affected.
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