It seems that receiving way too much stimulus money will not affect you.
A question that haunts some Americans is the one regarding the amount of money they’ve received. Some received too much stimulus money… So, will this affect their taxes? Will they face a penalty? Well, it seems they wouldn’t.
The amount of tax credit is what you’re able to subtract from the taxes you owe to Uncle Sam each year, minimizing your annual tax bill. This amount is actually based on many factors, including how many children you have under the roof; if you’re a low-income earner or not; or if you’re a student.
Many factors impact the total annual tax credit amount, so that’s why Americans are wondering if they will have to pay the taxman back the difference. Ogg says that if the amount of money you received from the government exceeded the calculated credit, it would not affect your taxes.
