ST Alpha - "Good to know, thanks! As she owes taxes from previous years I assume they're just going to keep it. " (Reading a Post)

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In response to "While that sucks that she didn’t get an advance check, if she made less in 2020 she should still be able to qualify for at least a partial credit" by znufrii

Good to know, thanks! As she owes taxes from previous years I assume they're just going to keep it.

Posted by Krusty - Diamond Dog (aka Krustylu) Jan 14 '21, 12:32

We were going to spend it right away too. Oh well. At least she won't owe the feds as much.

Responses:

Yeah, it’ll wash out one way or another. Sorry you didn’t get to spend it though! :) -- nm - znufrii Jan 14, 12:33 10
- So this isn't them fronting us money that we owe later, right? Also, we are desperate for a new mattress so that was where it was going. - Krusty - Diamond Dog Jan 14, 12:35 9
  - Overall, it represents a reduction in your total tax liability for 2020, whether it got paid out in advance or is claimed as a credit on your return. -- nm - znufrii Jan 14, 12:40 8
    - Do I owe them this money? Will I get hurt on my next taxes in some way? ELI5, please. If you can. :-) -- (edited) - Krusty - Diamond Dog Jan 14, 12:41 7
      - No. They’re not giving people money just so they can take it back. A reduction in tax liability is a net gain to you. -- nm - znufrii Jan 14, 12:42 6
        
        Thanks! - Krusty - Diamond Dog Jan 14, 12:43 5
        
        np. Sorry about the jargon, but I like to be specific. :) -- nm - znufrii Jan 14, 12:45 4
        
        It's all good. It's just not area where my knowledge is strong. I appreciate the info. - Krusty - Diamond Dog Jan 14, 12:48 3
        
        Yeah, I really should have been an accountant because I actually enjoy this sort of thing. -- nm* - znufrii Jan 14, 12:50 2
        
        something wrong with you -- nm - tRuMaN Jan 14, 12:51 1
        
        A lot of things, really, but we don’t have time to go into all of that. -- nm - znufrii Jan 14, 12:52

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Good to know, thanks! As she owes taxes from previous years I assume they're just going to keep it.

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