If we normally get about 5000 dollars in a tax refund will we get 1200 less next year? I have read both yes and no. I know in years past this has been the case that it has reduced the amount of our tax refund when we fill the next year.
nan270964
Favorite Answer
If you beleive the answer is no you are nuts. They will tax you on it for next year taxes. It will be included in your income for next year. Remember when they gave us the child tax credit check a couple of years ago, they said the same thing. And sure enough we got hit with the taxes on that one. So, we will get hit in the taxes for this stimulus check as well. We the people will never get a break from the government at all.
Beverly S
No, in the 2nd letter it states that the stimulas is not an advance & is not taxable next year.
BeingMe
They said it wouldn't lower your refund.