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I just found out last years stimulus check was a 'loan' against this years taxes. If due a refund, the stimulus amount is deducted. If a person owes for underpayment, the underpayment is bumped by the amount received from last years stimulus check.
I listen to the news daily, how did I miss this? I have no idea.
Am I the only one who didn't know this?
Sue
Where did you get your information about this, Sue?
Quote:
Originally Posted by billyjeff2
My son used Turbo Tax today and the information is from that program. I've used the Intuit program in previous years and you download the latest updates after installing, so it should be up to date info. I don't know anything other than what my son relayed, which was from Turbo Tax.
More stimulus is on the horizon too.
Note to the Government: PLEASE don't help me..... :cry: I prefer to take care of myself.
Sue
i don't even know how to react to this.
check that, actually i do know how to react.
guess bush got us one more time before he went back to texas. they should have made him walk
I'm not a tax expert, but from what I've seen on the net about this, I don't think your understanding is correct. Don't see anything about the stimulus being deducted from any refund you'd otherwise be due. I'm sure there are others on this site who have some expertise with this issue.
I hope I am misunderstanding. My son and daughter in law, had it pulled from their refund by Turbo Tax.Quote:
Originally Posted by billyjeff2
Sue
Sue may be talking about the recovery rebate credit which is the only stimulus related line I see past line 61 (total tax) and line 56 (taxes & credits) on this tax season's form 1040
But this is a credit, I am getting more money from it as I have added a daughter to my family between last year's tax return and this year's. This will not increase what you owe to the IRS and it will not decrease what you would otherwise be getting back
Observe line 29 from the worksheet on pg. 63 of form 1040:
Credits never reduce your refund - however maybe your son and daughter in law are not using the 1040 or have a special tax situation :shrug:Quote:
you do not have to pay back the difference
Like I said, following the instructions I cannot find any possible way that I would have to pay regardless of the numbers I put in. Surely it is not a turbotax bug, as the worksheet instructs values less than zero to be entered as a zero on the pertinent line