I didn't get a stimulus check due to severance money..such BS
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I thought stimulus checks were for the poor and uneducated - like wireline hole climbers and wire pullers. Have a heart for the inferior working class.
per IRS website:
Q J2. Is the Payment includible in my gross income? (updated April 24, 2020)
A2. No, the Payment is not includible in your gross income. Therefore, you will not include the Payment in your taxable income on your Federal income tax return or pay income tax on your Payment. It will not reduce your refund or increase the amount you owe when you file your 2020 Federal income tax return.
A Payment also will not affect your income for purposes of determining eligibility for federal government assistance or benefit programs.
Q J3. I received an Economic Impact Payment. Do I need to pay back all or some of the Payment if, based on the information reported on my 2020 tax return, I don’t qualify for the amount that I already received?? (added August 3, 2020)
A3. No, there is no provision in the law that would require individuals who qualify for a Payment based on their 2018 or 2019 tax returns, to pay back all or part of the payment, if based on the information reported on their 2020 tax returns, they no longer qualify for that amount or would qualify for a lesser amount.
For example, you received $500 for your child who, based on your 2018 or 2019 tax return, met the qualifying child requirements. That child turned 17 in 2020 and no longer meets the qualifying child requirements. You will not be required to pay back the $500.
Or, for example, you received $500 for your child whom you claimed on your 2018 or 2019 tax return. You do not claim the child on your 2020 tax return because the child’s other parent claims the child. You will not be required to pay back the $500 even if the child’s other parent claims $500 for the same child on his or her 2020 tax return.
Keep Notice 1444, Your Economic Impact Payment, with your 2020 tax records. The IRS will mail Notice 1444 to your last known address within 15 days after the Payment is made.
I just wanted to add more to the pile of loot Verizon gave me
@1ahl, the stimulus was absolutely an advanced tax credit. No one said it was based on whether you were employed or not but is based on your 2019 tax return, 2018 if you hadn’t filed at that point. The income limits were $99,000, $146,500, and $198,000 depending on your filing status. You may have read the info in the government website but you clearly didn’t understand it. Try again.
The stimulus IS NOT an advance tax credit! The stimulus is not affected by your employment status. Go to www. irs. gov for FACTUAL info!
The VSP allowed me to retire early. Thank you Verizon!
thanks
this money is actually an advance “tax credit” and that when you file your 2020 taxes, you will be eligible. While the people who received stimulus money got an advanced tax credit, you will get it for 2020.