VA CPA here. I read through the boring 335 page CARES act so you dont have to.
In summary: the stimulus check is a refundable dollar for dollar credit based on your most recently filed tax return. It'll go toward reducing your 2020 tax bill. #stimuluspayment
Tip: the deadline to file and pay 2019 individual FEDERAL tax returns is now automatically July 15, 2020. If you havenโt yet- file your 2019 return AFTER you receive your check if you have a higher AGI on your 2019 return compared to that on your 2018 return for a bigger refund
If you make too much money, great!! your check will get phased out. Technically, your stimulus check should be based off your 2020 income, which you havenโt yet filed. This is why the IRS will instead issue a refund check to you based off your most RECENTLY filed return.
Join the #GuessTheThrone Death Pool. It's like a bracket, but for nerds! Submit your entry before the start of Season 8 on https://t.co/yYKLywpmui #GOT#WinterIsHere
@BradNel5on@MacyIrvin Hi-innocent bystander here. Not sure if Iโm more amazed or shocked- but Iโm glad yโall went to VT and that yโall are my spirit animal