There was so much misinformation and chaos about it back when Trump gave the $1200 stimulus. Would we have to pay it back or wouldn't we? Everyone you asked on here had a different answer.
Well, the answer is yes. It was an advance on your tax returns. So if you "qualified" for the stimuluses last year, you're probably not getting a tax return this year.
This line of questioning was to find out if you were not paid one of the two stimulus checks already. The payments have no impact on your 2020 tax return.
I think something pushed me into the red with the IRS then. Maybe the "enhanced unemployment" during the lockdown did it. But I did have them withhold taxes from unemployment too...
I've always gotten like $600 to $1200 in refunds. First time in my life I've seen it go into the negative and then barely creepy back out when I put the last thing in.
I feel like I shouldn't even be talking about this stuff because who knows who can doxx me based on it. Should be vague enough.
I had trouble finding it, but you're right! Looks like you have to file an amended tax return once the bill passes in order to claim it.
Can it reduce your tax bracket, or do you only get the withheld taxes back?