Recovery rebates: The bill provides for payments to taxpayers — “recovery rebates” — which are being treated as advance refunds of a 2020 tax credit. Under this provision, individuals will receive a tax credit of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child. The credit is phased out for taxpayers with adjusted gross income (AGI) above $150,000 (for joint filers), $112,500 (for heads of household), and $75,000 for other individuals. The credit is not available to nonresident aliens, individuals who can be claimed as a dependent by another taxpayer, and estates and trusts. Taxpayers will reduce the amount of the credit available on their 2020 tax return by the amount of the advance refund payment they receive.
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Nothing new here...there is no free lunch for taxpayers - EVER.
ReplyDeleteSo we are not being given money. This is just a payday loan! And next year the IRS goons show up for payback? So, instead of buying food and paying bills, this money will have to go into an account and be forgotten about for a year so we can pay the money back. Keep the frackin check! That is not a help.
ReplyDeleteGot one of these tax credits 10 years ago when we bought a home and it damn near bankrupted us come tax time.
Yup. Gotta pay it back dollar for dollar come tax time. But hey, by then, the election is over. Pretty genius actually. Did you ACTUALLY think the government had your best interest in mind?! Bahahaha!! The rich get richer, the poor get poorer. Nothing new here.
DeleteIf you get back more than what you paid then you don't pay taxes.🤔
ReplyDeleteThere is never a such thing as free money.
ReplyDeleteRead the article-- the title of your post is not representative of the article.
ReplyDeleteGet your $1200 now or get it when you file your return. You aren't going to get both. Get it now and yes it will reduce the $1200 credit on your 2020 return.
813, correct. Thank you.
DeleteBut the problem is it was not presented like this. Most people think this is "extra" money not a loan on taxes. The chances this mess continues long term is very high. And for those who need the money now, they will not have it in Jan either as an advance.
DeleteMight as well just keep it!! This is only going to create more chaos come tax time for the average American.
DeleteI knew that was coming. All you have to do is to take the total amount, divide by about 40 and have that much extra taken out of your federal taxes and you should be okay. Or, if you get a huge refund, you don't have to do anything. Anybody who gets a lot of a refund usually, reduce your federal tax amount being withheld. The federal government is not your savings account.
ReplyDeleteWell if you have to pay. . . Set up your payment plan
ReplyDeleteFREE money for the special interest groups that both sides gave money to. Just another big money grab by ALL in Congress. How the hell can the postal service have 11 billion dollars of debt to the Treasury department ERASED but we can't even get 1200 for the catastrophe they created. UNBELIEVABLE
ReplyDeleteMan let that sink in!! I'm going to take YOUR TAX DOLLARS and loan it back to you so I can tax it again!! In the mean time give away a trillion + to special interest groups making all these in Congress multi millionaires. THIS SHIT NEEDS TO STOP
ReplyDeleteTHIS IS NOT RIGHT !!! & it needs to be Thrown out NOW !!!
ReplyDeleteThis should NOT be coming from anybody's REFUND later on !! WRONG !!
The Longer this virus goes on , the more Time Govt has to Think of how
to screw us & get out of ALL they can !!!
The Next thing Govt may try is to make You give back all the Unemployment
ReplyDelete$$$ they gave you !!! They think We are made of Money !!!
Don't give them ANY ideas !!! They already have their wheels spinning !!!
esp Democrats & Pelosi as their Devil Leader !!!!
Time to tell the damn Govt to PRINT THEIR OWN MONEY because they
ReplyDeletedon't need OURS !!!
If we had Printing Presses running 24/7 we would not need Govt $$$$ !!!
We should not have to pay ANY TAXES at all !!! Govt can PRINT all they need & it is ENDLESS !!! OUR $$$ is certainly NOT ENDLESS !!!!
WE are just SLAVES & are NOT FREE at all !!! They just want to brainwash
you to Think you are !!!! What is going on Now shows you You are only
as FREE as the Govt ALLOWS you to be & it can be Taken AWAY !!!!
I've got extra bourbon over here if you need some!
ReplyDeleteHAPPY TGIF everyone!
Also , Unemployment during THIS Emergency SHOULD NOT be TAXED
ReplyDeleteNor the other $$$ the Govt is giving to you !!! It is a GIFT Not Wage !!!!
They only let you have enough Freedom so you can Pay Taxes !!! Fact
ReplyDeleteI believe the government is going to blowout, bankrupt and then go back to the gold standard...this has been the goal all along.
ReplyDeleteThis will usher in the cashless society.
ReplyDeleteThank you Mitch McConnell.
ReplyDeleteMany people will NEVER recover from the financial wreckage this is creating.
ReplyDeleteFor the government to "loan" us money is total BS.
Congress writes hundreds of BILLIONS in bad checks (and they KNOW they are worthless), every year (that's why we have 22 TRILLION in bad debt).
Congress only wants their money from "we, the people".
They need to be hung. Each and every one of them.
"Help" Americans???? That has NEVER been on their mind.
Yet you cheer like you're at a Hitler rally for them.
Sick of damn taxes when there is NO need to tax us at all !!!!
ReplyDelete@11:59 that's exactly right!! And ALL the liars and thieves at the top are stealing all they can before the country bottoms out
ReplyDeleteCmon people-- read the article-- this is total misrepresentation.
ReplyDeleteWatch the Govt like a Hawk - they are your worst Enemy !!! Remember it !!
ReplyDeleteRussia & China watching closely how America handles things !!!!
It created a new tax credit. If you didn't/choose not to receive it in the year you'd have it at the end. If you do receive it you will not be able to take it at the end of the year.
ReplyDeleteThe credit did not exist before so you are not losing anything.