ST Alpha - "Before I actually go read the text of the bill, does anyone know if the $600 payment applies to the 2020 or 2021 tax year?" (Reading a Post)

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Before I actually go read the text of the bill, does anyone know if the $600 payment applies to the 2020 or 2021 tax year?

Posted by znufrii Dec 29 '20, 20:02

I need to update my spreadsheets.

Responses:

Fine, I looked it up in the bill. It's an additional credit for the 2020 tax year. -- (edited) - znufrii Dec 29, 20:53
Amount of payout will be based on 2019 adjusted gross income. The spring payments were calculated using 2018 AGI. (unless the person had already filed - zunkskunk+ Dec 29, 20:18 4
- So I should get the full amount this time. -- nm - Meg Dec 29, 22:02
- Not as concerned about the amount of the payment as I am curious about which tax year's credit it is an advance payment of. -- (edited) - znufrii Dec 29, 20:29 2
  - Not sure about this one. The spring payment was credit for 2020 taxes. I copied this response to a question from the..wait for it... - zunkskunk+ Dec 29, 20:35 1
    - Oh god. So many issues with that article, even apart from the horribly-formatted automated reposting of another site's content. -- (edited) - znufrii Dec 29, 20:42
Wait, is it taxable? -- nm - ty97 Dec 29, 20:11 5
- no, everybody's total tax burden is $750 just like the President -- nm - crash davis Dec 29, 20:13 2
  - That can't be true - ty97 Dec 29, 20:17 1
    - it would be nice if it were (and even then Fidelity wouldn't tell you) -- nm - crash davis Dec 29, 20:18
- Not that I'm aware of. Assuming it's the same as last time, it's in the form of an advance payment on a tax credit. -- (edited) - znufrii Dec 29, 20:12 1
  - oh right -- nm - ty97 Dec 29, 20:13
I'd ask spamlet. He reads that sh!# for fun. -- nm - crash davis Dec 29, 20:10

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Before I actually go read the text of the bill, does anyone know if the $600 payment applies to the 2020 or 2021 tax year?

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