So I just want to know who are the people that kept arguing with me that the situmlous check wasn't going to be charged on your next years taxes??? Your going to owe that money here is the rules of the bill like I said be careful on how you want to spend that money
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It is my understanding that it was structured as a refundable tax credit for the 2020 year. It will technically do the same thing as the child tax credit - reduce the amount of total tax due and/or increase your tax refund. But since the money was already received, it will just show up as a wash on your tax return. That’s why they are calling it an advance refund amount. It will not technically reduce or increase your expected tax refund/tax due for 2020.
Umm why didn't you post the whole paragraph?
According to forbes and money.com what you are saying is incorrect. Here are the links since you already suggested that people look it up.
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