Many people are excited about getting their upcoming stimulus check from the government, but as you know nothing is free in this world. Here is the good and bad of getting the stimulus check.

The Good:

You are going to get extra cash right now. A family of four could be looking at a $3400 stimulus check. Great news right? Second you won't have to pay taxes on it. You will not have to claim the income on your tax return in 2020. Even better right?

The Bad:

All of the above sound great right, well there is a catch. The CARE ACT reads on page 144  “there shall be allowed as a credit against the tax...for the first taxable year beginning in 2020.”

What does that mean? It means it's an advance on your 2021 For example if you are set to get a $5000 tax return and you received a $1200 stimulus check, your tax return will only be $3800.  If your tax return in going to be $2200 your refund will only be $1000.

It's basically a loan. Just like if you were to get an advance pay check.

Like I said, nothing is free in life. So you might want to save that money.

How to Get Your Stimulus Check Quickly and How Much
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