I read somewhere that their gonna take it out of our taxes next year. Idk how I feel bout it
tax return (2018 or 2019 tax return). If you haven’t filed a tax return, and your income is from Social Security benefits, the bill allows Treasury to use the information on your 2019 Form SSA-1099,
Social Security Benefit Statement, Form RRB-1099,
Social Security Equivalent Benefit Statement (after some initial confusion,
this was confirmed by the Treasury and IRS).
Okay, I don’t understand. What is a refundable tax credit? A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don't have any tax liability, the "extra" credit is not lost but is instead refunded to you.
In this case, the stimulus check acts like a refund for a new, temporary tax credit that you get in advance based on your 2020 income. That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns. But since it’s an advance payment on a new credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check.
Can you give me an example? Sure. Let’s say you’re entitled to a stimulus check for $1,200 and you get your check this year (in 2020). Let’s also say that you were expecting a $1,500 refund in 2021 (for the 2020 tax year). When you get your stimulus check, that doesn’t change your expected refund: you would still qualify for the $1,500 in 2021. But what if you didn’t get your stimulus check because you didn’t file in 2018 or 2019 - or some other reason? You’ll still get your $1,500 in 2021 but you’ll also get the $1,200 in 2021.
Either way, you won’t miss out by taking the check and you don’t have to pay it back.
This article is from Forbes. Somebody in higher learning posted about this. So this should ease your worries.