M.Magis
Well-known member
ga.prime said:That's what I think too, he's incorrect. I don't know why he thought that. It would be unjust for it to be paid back only if you got a tax refund next year.
This quote is from your explanation link:
"Your stimulus payment is technically a refundable tax credit, which reduces your 2020 tax bill on a dollar-for-dollar basis. It's like having store credit at your favorite clothing shop: When you apply it to your total bill, it reduces what you owe. In this case, even if you have no tax liability, the government is "refunding" your credit back to you as a cash payment."
That kind of language is what makes it complicated. I'm sure not smart enough to know what that mumbo jumbo means and I'm not on twitter.
Just to clarify, my Twitter comment wasn't in regards to your son. The rumor about the stimulus check having to be paid back was started by some idiots on Twitter who thought they knew what they were talking about. Of course a lot of people got mad and the rumor spread like wild fire. I bet most of the country, at one point this week, thought it was just a loan because that's what they read online. Myself included. All from one rumor.
As I understand it, they're giving us our Earned Income Credit in cash, rather than just a credit when we do our taxes next year like normal. Though I'm unclear if we'll still get that credit applied when we do our taxes. If not, that will certainly change my refund amount next year.