Quote:
Originally Posted by stevej37
Maybe...I just think it would be a nightmare trying to 'see ahead' when income is based on the prior year.
I'm far from being knowledgeable in this area.
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I think it would be super simple. Everyone gets a stimulus
LOAN check for the same amount ($1400 or whatever) in February 2021. There is no effort spent looking up what their last AGI was, which could be irrelevant anyway. Everyone gets the money.
In April 2022, when it's time to file 2021 taxes, anyone in a high tax bracket obviously didn't need the money, so the IRS claws it back. Whatever your tax bill is, you also pay back the stimulus money.
This is more helpful than basing the check on 2019 income. You could have had a good income in 2019 and be ineligible for the full amount of 2021 stimulus even if you lost your job and had no/little income in 2020/2021 and really needed the money.