Related to the phase-out, I would appreciate anyone’s take on my particular situation.
My understanding is that:
1. The actual law allows a tax credit of $600-$1,200 ($1,200-$2,400 MFJ) to be applied against your 2020 taxes based on a sliding AGI scale.
2. An advance is to be paid based on your 2018 tax return (or 2019 if already filed).
We did a Roth conversion in 2019 that made us ineligible for the advance. Without this conversion, we would have received the full $2,400. I do not anticipate doing a conversion this year so our 2020 AGI will come in below the $150k AGI threshold.
I have read several articles that suggest that we will be eligible for the $2,400 tax credit when we file our 2020 taxes next year.
Can anyone confirm/deny this understanding?