until after the IRS has issued your payment, forcing the organization to use your 2018 income for your payment.
Waiting to file has a few downsides, like waiting longer to get your refund and giving potential identity thieves more time to try and prey on your taxes. However, public accountant Riley Adams , if you'd qualify for a stimulus check under your 2018 income but not at all under 2019, it might be worth holding off filing for a few weeks .These payments are treated differently than your . Typically, you can have your refund seized if you owe back taxes, but that's not the case here. Even people with tax debt should be getting a stimulus payment if they're under the income thresholds.
and can be claimed regardless of whether you itemize your deductions. Some tax credits, like the coronavirus recovery rebate, are refundable. That means you'll still get the money even if you don't have enough tax liability to offset. any of the money if you wind up getting too much.While it won't help you today, experts say the IRS will allow taxpayers to reconcile underpayment on next year's tax return.
Info & links on coronavirus StimulusChecks 'The payment — which IRS is calling an 'economic impact payment,' govt has named 'recovery rebate,' & many ppl are calling a 'stimulus check' — is technically an advanced tax credit meant to offset your 2020 federal income taxes.'
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