has anyone filed their taxes yet?? I guess apprantly we have to pay back our 1200 per person stimulus out of our refunds if I understand correctly.................me and the wife got 2400.......she doesn't work ...so its just my income...............they tool out 2600.00 on me..........so if I understand right.......I roughly get 230.00 back. not real freaking pleased if this is the case........because the lazy jerk freeloaders that don't work that got there 1200........don't have to pay it back............................really really needed that refund!!!!

That’s not how I understood it.

You better do some serious looking. Stimulus payments are not taxable and not considered income. Never heard or seen where anyone had to --pay it back.
Tom

THIS

its being trated as an advance on your refund........not a tax.......you get the difference back is what im being told.

A few google searches confirmed that no, you do not have to pay it back, nor is it taxable income. If someone is telling you otherwise, do not use them to file your taxes because they don’t know what they’re talking about.

I think you better look somewhere else for your information.someone is clearly steering you in the wrong direction.
Tom

It is an advance tax credit. Essentially they passed a new, one time tax credit, ON TOP OF the existing tax credits. So you still get all of the other tax credits you are eligible for, as well as the stimulus tax credit. Since tax credits, like the earned income credit, are fully refundable. Meaning if the tax credit is $2,000 and you qualify for it, you get the entire $2,000, even if you only paid in $400 in taxes.

That’s how people with 5 kids and a minimum wage job end up getting a $8,000 tax return.

From what i found in a few minutes is that you pay no taxes on that check nor do you have to pay it back/they take it back from fed tax return.

Will I Owe the IRS Tax on My Stimulus Payment?


Excerpt:



"The short answer: No. In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 or 2021 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs."


https://www.aarp.org/money/taxes/info-2020/are-stimulus-checks-taxed.html

If your combined income was above the base level where they started reducing your stimulus check would be the only reason you got less or if income was very high none. I filed taxes for others for 32 years it would have been great to have several of those who post here regarding taxes as one could tell them whatever and they would believe it if it made the government or the IRS look worse or bad.

Bryce

The “have to pay it back” rumor was started last summer by idiots that had no idea what they were talking about, pretty much like all internet rumors. It was shown to be false pretty quickly, but a lot of people just see a headline and assume its fact.

Nada

If you were due a stimulus check but did not receive it, you may take a tax credit for the amount owed. You will either receive an additional refund amount equal to the stimulus amount you did not receive or, if you owe additional additional tax, the unpaid stimulus will be applied to the amount owed.

Pretty sure this is correct.

I told you so.

We will all find out soon. Sounds like some are already saying,

I think you guys are mis reading what the OP is saying/asking. He might have used the wrong words by saying “pay back”. Isn’t the stimulus an advance on your income tax refund?

Here is how I interpret his situation. A minus B equals C

A. $2600.00 - the amount of income tax he owed for 2020.

B. $2400.00 - the amount of stimulus he and his wife received

C. $230.00 - The amount of his refund.

Note - I cant account for the $30.00 difference but that is irrelevant.

That is my opinion. I’m sure some one will correct me if they don’t agree.

Sis’s is is correct if:

When filing, additional tax is owed.
When filing, now stimulus has been received, but was due the filer.

Works just like a credit.
Stimulus is not taxable.

If it was a credit. Then filers that do not get a refund this year do what? Have to pay it back? If not then why is it deducted from filers that do get a refund?

So, if I understand this. It will be automatically used to pay your taxes owed if you owe any...

No, swamp wolf, wether you owe taxes or not you do not have to pay back any stimulus received. If you did not receive a stimulus check and you qualified for one then you can get it when you file your taxes. If you are owed a stimulus because you didn’t receive it, and you owe taxes, then your stimulus will be applied to your tax bill, lowering the amount you owe in taxes. If you did receive a stimulus then your tax filing will not change wether you owe taxes or are owed a refund, the stimulus doesn’t factor in at all.

The IRS says it in plain English, your tax refund WILL NOT be used to pay back the stimulus money. You do not have to pay taxes on the stimulus nor do you have to pay the stimulus back.

I would like to know where some of you are getting your information, cause it sure isn’t from the IRS