ST Alpha - "The credit applies to the 2020 tax year. The advance payment of the credit which is being paid out currently is calculated based on 2019 or 2018. -- (edited)" (Reading a Post)

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In response to "meaning the 2019 return? -- nm" by Diva

The credit applies to the 2020 tax year. The advance payment of the credit which is being paid out currently is calculated based on 2019 or 2018. -- (edited)

Posted by znufrii, stimulated (aka znufrii) Apr 15 '20, 06:15

If the amount of the credit you claim on your 2020 return is higher than the advance payment, you get the difference, but if it's the other way around you don't have to pay anything back.

(Not actual tax advice, just my understanding)

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That's essentially what our tax person told us also and why we waited to file for 2019. I'll file now that I have the stimulus -- nm - oblique Apr 15, 06:18 1
- oh, I get it now. -- nm - Diva Apr 15, 06:25
but we're only up to 2019 returns, yes? We won't file for 2020 until next year. -- nm - Diva Apr 15, 06:17 1
- Correct -- (edited) - znufrii, stimulated Apr 15, 06:19

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The credit applies to the 2020 tax year. The advance payment of the credit which is being paid out currently is calculated based on 2019 or 2018. -- (edited)

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