The explanation focuses on how, if you your tax calculation next year hows you're entitled to a bigger payment, you'll get the additional money with next year's rebate. An example is if you get another child.
What it doesn't say is what if next year's calculations shows you're entitled to a smaller payment. You'll have to pay the difference to the IRS. They have effectively gotten you to spend now the money you're expecting to get next year, which later it turns out you're not entitled to get after all.
Is this possible, for example if you lose one or more child (through death or the child simply getting old enough that they no longer qualify as a dependent)?
The explanation focuses on how, if you your tax calculation next year hows you're entitled to a bigger payment, you'll get the additional money with next year's rebate. An example is if you get another child. What it doesn't say...
Stimulus Checks Will Not Cut Into Your Rebate
The explanation focuses on how, if you your tax calculation next year hows you're entitled to a bigger payment, you'll get the additional money with next year's rebate. An example is if you get another child.
What it doesn't say is what if next year's calculations shows you're entitled to a smaller payment. You'll have to pay the difference to the IRS. They have effectively gotten you to spend now the money you're expecting to get next year, which later it turns out you're not entitled to get after all.
Is this possible, for example if you lose one or more child (through death or the child simply getting old enough that they no longer qualify as a dependent)?