Is My Govt. Stimulus Check Taxable? – Everything that you need to Know
Is stimulus check taxable (volume: 9,000 difficulty: 7)
Government stimulus check (volume: 1, 35,000, Difficulty: 47)
What is stimulus check (volume: 18,000, Difficulty: 11)
Taxpayers always look a little bit worried when it comes to money matters. Most people do not know the financial terms. But, you no longer need to be worried. I will answer all the questions related to the Government stimulus check.
What is the Stimulus Check?
There are lots of persons who do not know what the stimulus check of IRS or US Govt. is.
The definition is, Stimulus check is paid by IRS to taxpayers after successfully filing their tax returns.
There are some other points to be noted regarding the Government stimulus check:
• Either you will get the check or an equivalent amount will be applied to your tax filing by IRS
• Purpose of this back payment is to boost the spending capacity of taxpayers
• Stimulus check amount varies depending on your tax filing status
Govt. Stimulus Check FAQs
People are still wondering that either they have to pay tax for this check or it is tax-free. The simple answer is, you do not have to pay tax for a Stimulus check.
According to IRS Official Statement, Stimulus check is not a part of the income of an individual or organization. This is paid back to taxpayers by Govt. with an aim of relief so, IRS does not ask for tax on your stimulus checks.
IRS Stimulus Check Examples
As we all know this check is paid by the US Govt. to give relief to taxpayers so, below are the two examples from the history when US Govt. paid stimulus checks
Financial Crisis 2008 – In 2008, the US faced a financial crisis caused by deregulation of the financial sector. At that time, US Govt. issued stimulus checks for low-income families.
Coronavirus Relief – In March 2020, once again the bill of stimulus has been approved and Govt. announced to pay $500 per qualifying child and $1,200 per adult. Individual filer having $75,000 income per year and joint filers with $1,50,000 income per year are not qualified for this check.
Is the Stimulus Check Taxable?
You have got the answer to the primary question that you was searching for. But, I am sure there will be some more questions in your mind that you would like to know.
1. How can I get Stimulus Check?
You are qualified for this check if your income is less than $7,500 per year.
2. Will I get Stimulus Check if I did not file tax?
f you have not filed your tax returns for 2018 or 2019, you can still get this check if you received Social Security retirement, disability, or survivor benefit
3. Are SSI Receipts eligible for Stimulus Check?
Yes, they are eligible for this payment. Disability and social security benefits holders are also eligible for Govt. stimulus check
4. How much money I will get via this check?
All the qualified individuals will get $1,200, couples will receive $2,400 and $500 will be given to children.