paperwork - Page 3

sunshine45 · ‎03-09-2010

mine were both deposited in my bank account, but i did get a follow up love letter via snail mail from the IRS stating that they did indeed put money into my account.

********************************************
"The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing." - Albert Einstein

Still Raining · ‎03-30-2014

@SilleeMee wrote:
I'm no tax specialist but I understand the stimulus money has something to do with tax credits and I don't know what that means. Anyone?

When I filed my return this year the question was asked about the amount of stimulus money I received.

A tax credit is a reduction of a tax amount due.

So if you owe $800 of tax and have a tax credit of $300, you will only have to pay $500.

Or if you owe $800 and have a credit of $1,800, you pay $0 and lose the rest. Unless it rolls over etc.

A refundable tax credit is a fine thing indeed. If you owe $800 and have a credit of $1,800, you pay nothing AND they pay you $1,000. The stimulus is a refundable tax credit.

These two payments were advances for the coming credit.

So you owe advances of $1,800 plus $800 in tax and have a credit of $1,800. For a tax bill of $800.

A complex way to give $1,800 "tax free". As well the mechanism for true ups.

SharkE · ‎08-19-2010

@Bri369 wrote:
@SilleeMee wrote:
I'm no tax specialist but I understand the stimulus money has something to do with tax credits and I don't know what that means. Anyone?

When I filed my return this year the question was asked about the amount of stimulus money I received.
If you are missing all or some of your Stimulus, there is a Recovery Rebate Credit you would be entitled to as part of your refund.

On the new tax forms. They have a line for it. Husband never got his at all. I just got my follow up letter asking me if I got, if you did, then, fine, if not, telling me to claim on taxes.