DIS_MERI
DIS Veteran
- Joined
- Jan 31, 2011
The "check" is based off that, but this is actually an advance of a tax credit for your 2020 taxes. So my XH will receive an advance of a credit that he won't be eligible for (we actually actively try not to screw each other over, refreshing for a divorced couple I realize), since I get to claim her in 2020. Alternating claiming different kids in different years is pretty common, but not sure Congress realizes that.The taxes you would have submitted in the last 3 months would have been 2019 taxes. Nothing would be based off 2020 as I believe it would default to 2018 then if you hadn't submitted your taxes for last year yet.
(I have a BS in Accounting so I Nerd Out Big Time over stuff like this)
“The way the law is written, the checks that will be sent now are actually just advanced payments of a new refundable tax credit for the 2020 tax year. So, if you don’t get a stimulus payment in 2020, you can claim it next year as a refund or reduction of the tax you owe if you file a 2020 tax return by April 15, 2021.”
From: https://fox40.com/news/coronavirus/faqs-about-stimulus-checks-when-how-much-will-i-be-taxed-later/