-
Originally Posted by
Johnson85
It is not a loan. It is an actual credit. It is called an advance because it is a credit for your 2020 taxes, but you get it right now. The only way it will be an "loan", maybe, is if you qualify for the credit based on your 2018 tax return (or 2019 tax return if it's already filed) but then you don't qualify based on your 2020 taxes. I assume if you end up not qualifying on your 2020 tax return it will make your 2020 taxes higher but I haven't been able to verify yet. I'm interested b/c had some one time issues make us eligible based on our 2018 tax return but won't be eligible based on 2020 unless we have some unfortunate surprises between now and the end of the year.
You're right. It is a refundable tax credit. It isn't a loan. You don't pay it back if you're not eligible in 2020.
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
Disclaimer: Elitedawgs is a privately owned and operated forum that is managed by alumni of Mississippi State University. This website is in no way affiliated with the Mississippi State University, The Southeastern Conference (SEC) or the National Collegiate Athletic Association (NCAA). The views and opinions expressed herein are strictly those of the post author and may not reflect the views of other members of this forum or elitedawgs.com. The interactive nature of the elitedawgs.com forums makes it impossible for elitedawgs.com to assume responsibility for any of the content posted at this site. Ideas, thoughts, suggestion, comments, opinions, advice and observations made by participants at elitedawgs.com are not endorsed by elitedawgs.com
Elitedawgs: A Mississippi State Fan Forum, Mississippi State Football, Mississippi State Basketball, Mississippi State Baseball, Mississippi State Athletics. Mississippi State message board.
Reply With Quote