stimulus check question?

[UpstateNYUPSer(Ret)]

Nah bro pretty sure personal exemptions reduce magi not agi.

Personal exemptions were eliminated in 2018 as part of the TCJA. TTKU.

 

[DriveInDriveOut]

Personal exemptions were eliminated in 2018 as part of the TCJA. TTKU.

He was talking about the standard deduction I misquoted him. Go sit on a pineapple Dan.

 

[Indecisi0n]

Got my check.

 

[UpstateNYUPSer(Ret)]

At any rate:

There has been no mention of whether or not taxes will be withheld from the checks. I am assuming that they will not; however, I am also assuming that they will have to be added to your 2020 gross income when you file in 2021.

 

[Mugarolla]

There has been no mention of whether or not taxes will be withheld from the checks.

Yes there has. There will be no taxes withheld on these checks since they are technically a tax credit.

I am also assuming that they will have to be added to your 2020 gross income when you file in 2021.

You assumed wrong.

Your Guide To The Federal Stimulus Package