After paying taxes all year long we still owe almost $10k every year when we file. Does this mean that when I do our 2020 taxes this will be added on and we’ll owe it too? We don’t really need it so was just gonna bank it anyway but jeez.
I have heard that this will NOT count as taxable income. But if you still owe $10k after making estimated payments, are you below the $100k single/$200k joint AGI maximum level where you will get this stimulus check?
Looks like it. And the people who usually get a fairly large refund due to the EITC will get at least $1200 less (and probably more like $2400 less). They won’t be happy about that. But at least it will make the deficit hit less. Just like the government to make the little guy pay...