are the stimulus checks just an advance on 2020 refunds??????????

[Takket]

I can't seem to find a straight answer on this but I got back about $1000 this year and if the stimulus is an advance and we get $2400, that means i'm going to end up NOT able to spend most of that money because I'm going to need to save about $1400 of it to pay my tax bill next year.

[elleng]

1. No.

Sorry can't cite a reference, but sure I saw it.

edit: May be here:

https://www.democraticunderground.com/1016250346

[ProfessorGAC]

2. No They Are Not

Here's a pretty clear answer to that question.

https://www.ksdk.com/article/news/verify/coronavirus-stimulus-checks-tax-refund-next-year-question/63-2165baae-27fa-4c48-bee3-71ac6abb050b

[Sherman A1]

3. My understanding is that it is not, however

it will be taxed as income.

Fortunately I am in a comfortable enough position that it will go into the bank and no further until I am sure as to what are the devils in the details.

[customerserviceguy]

7. Nope

not taxed as income. But, different states may make differing opinions on a person's eligibility for other benefits based on receipt of the stimulus.

[Sherman A1]

8. That's cool, but I will still simply sit on it

as I have no faith in our system to not screw over the working class.

[customerserviceguy]

10. I understand where you're coming from

Spend it now, or spend it later. Most people are going to spend it very soon, that's why this is being done.

[Hoyt]

4. Only if you make more than $75K in 2020. It's not taxable either.

If you get the full $1200 now, but make over $75K a portion will be taken when you file 2020 taxes.

[NRaleighLiberal]

5. nope. beware the social networking trolls.

[customerserviceguy]

6. Think of it this way

A new refundable tax credit was created, which you'd get whether you owed taxes or not (assuming eligibility). And the government has decided to give you that tax credit in advance.

There will be a bit of tax accounting if you do file a tax return, but they will not claw it back if you were overpaid.

[Igel]

9. Beware bias.

Anything that fits the narrative is taken as ultimate truth, no need to actually have a single fact behind you.

Claiming that the money is an advance on tax refunds makes the entire thing seem like a scam. The post that said this ignored the (D) House's role in it, so it was yet another (R) scam to trick and deceive.

And since that's all they do, because they're inherently bad people, what proof is needed?

*Always* ask for proof. With Google, it's seldom more than 2-3 minutes away. Faster to Google and look at the original text than it is to post here and wait for somebody to Google and present you with the original text.