As we’ve already mentioned, many Americans believe that Uncle Sam will add their stimulus payments to their income, therefore, they are expecting to see a bigger tax bill or a reduction in their tax refund when filing their it.
However, that’s definitely not the case for stimulus payments. We all know that tax deductions are a great thing as they minimize your income, which eventually will decrease the amount of tax money you owe to the IRS.
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4 thoughts on “Will Uncle Sam Tax My Stimulus Payment?”
My wife and I have already given $1,200.00 to our daughter who is about to lose her job. We also plan to give her any additional new monies we receive. Where does that place us tax-wise–or her?
How about PPP. I’m a one man show so the PPP was to aid in replacing my huge losses as compared
to my 2019 income. Is that money going to be added to my tax bill?
I did not receive a stimulus check last yearor this year. I do not file a tax return as I don’t make enough money.
I did not receive a stimulus check last year. I did not file a tax return and did not make enough money.