FurryP
Drama Llama
To pea or not to pea...
Posts: 6,986
Site Supporter
Jun 26, 2014 19:58:26 GMT
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Post by FurryP on Apr 12, 2020 0:21:09 GMT
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment? The plan does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn. And there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small-business owners or sole proprietors. sabrinae ...... this above stood out to me on MissJen's posting of the article. And you seem to know about tax credits. So does mean less refund next year or not? Or anyone else. The situation above is not my situation, but I did notice about the advance. Also.....christine58, I don't know why that quoted you as I don't think I grabbed that from any of your posts. Sorry.
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Post by christine58 on Apr 12, 2020 0:24:50 GMT
Also.....christine58, I don't know why that quoted you as I don't think I grabbed that from any of your posts. It's ok..the quote feature here sucks
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Post by sabrinae on Apr 12, 2020 0:30:56 GMT
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment? The plan does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn. And there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small-business owners or sole proprietors. sabrinae ...... this above stood out to me on MissJen's posting of the article. And you seem to know about tax credits. So does mean less refund next year or not? Or anyone else. The situation above is not my situation, but I did notice about the advance. Also.....christine58, I don't know why that quoted you as I don't think I grabbed that from any of your posts. Sorry. I’m certainly not an expert but have some quite a bit of reading on the subject. While it is a tax credit advance my understanding is that while it’s an advance on a tax credit, no one will be expected to pay anything back if their tax situation changes. It is also my understanding that since it’s not a usual tax credit and it’s fully refundable - you still get it even if it exceeds what you’ve paid in — it shouldn’t impact 2020 refunds.
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FurryP
Drama Llama
To pea or not to pea...
Posts: 6,986
Site Supporter
Jun 26, 2014 19:58:26 GMT
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Post by FurryP on Apr 12, 2020 2:23:40 GMT
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