Since the CARES Act—which was signed on March 27—both Uncle Sam and the Treasury Department paid out more than $376 billion in stimulus checks. The first two payments (and the third one for some of you) were like a breath of fresh air for many Americans, but they still need additional financial support.
Thankfully, the taxman already sent the third round of stimulus checks, which, indeed, is not enough for most of us, but yet, it’s welcomed by all Americans who are struggling right now.
Being accustomed to owing taxes on almost everything, some Americans wonder if this type of financial help will get similarly taxed. (The answer is on the next page!)
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.