Posted on 03/06/2021 3:58:28 AM PST by sodpoodle
BRYAN, TEXAS — Tax filing season is upon us. On February 12, the IRS will start accepting and processing 2020 tax returns. With confusion surrounding the addition of stimulus checks, experts want to remind everyone that stimulus checks are not taxed.
"They are not taxable. The only reason they are having us report them is because some people may not have received the full amount of stimulus they were eligible for. If that's the case, then they will actually get a credit on their tax return," said Jonathan Jones, owner of Bottom Line Bookkeeping in Bryan, Texas.
Jones is an enrolled agent and tax preparer. He says this tax season may be busier than in years past.
"This season is going to be, I think, much busier than it was in past seasons, just because of all of the confusion with the stimulus. People are not sure exactly what to do with it," he added.
Jones says you should plan to prepare and gather all of your important documents as your normally would while also keeping another thing in mind.
"Remember and or go back and look at your bank statements and figure out how much your stimulus was because that is going to be a big part of your tax return.
"They [the IRS] have stated very clear it is not taxable income. It is not going to cause you any more tax. If anything, it will help you. Even if you got too much, it's okay. They are not going to take it back. They just want to make sure that everyone who was entitled to it did receive the full amount they were eligible for," he stated.
(Excerpt) Read more at kxxv.com ...
What Stimulus check?
You must be wealthy! LOL! (are you married?:)
Already did ours and it was record time. Less than two weeks.
off the wall question about the checks..........Under Pres Trump, we got one get for 1,200 (per person) and then one for 600 (per person) Correct? Resident Bite me has not to this day done any checks?
One of my children received a second check; another didn’t, and my wife and I also didn’t (after we had all received the initial ones). We haven’t received the forms you’re supposed to receive either, which would be needed to file taxes (we’d get a credit for the missing payment).
Ditto. Btw, the H&R Block near me lost many/most of their tax preparers, mostly to early retirement from Covid fear. The few left are swamped.
I didn’t get a form, but H&R Block ones I got 1200, but not the 600. How they knew? Have no idea. But the information they had was correct and they took the 600 off the taxes owed. Nice!
That's the bill the Senate is debating right now. Since they reduced the phase out range for a single person from $75k-$100k down to $75k-$80k it looks like I will get nothing again.
I do my own taxes using TurboTax. I have done my 2020 taxes except for a Schedule K1 for a joint venture land sale. TurboTax did not ask for any information on stimulus money.
Thanks.
I’ve been using hrblock online for years. Just had to answer a popup asking if we got stimulus. We did so I said we did. I don’t see anything about it on the 1040.
It’s listed on the Tax Return as a Kung Flu Bribe Payment.
The Chicoms inflict us the Kung Flu which helped engineer a crooked Election and then they loan us the money to Bribe the idiot People who Voted against the Evil Orange Man who they blamed for it.
Maybe it isn’t Bribe Money after all, it’s just payment for a Job well done.
I got a small first stimulus check in 2020 based on my 2018 tax info. I had not filed my 2019 taxes at the time and the latest info the IRS had for determining my eligibility was 2018 taxes. My 2019 income put me over the limit to get any stimulus money.
However, this January, I got a second (small) check that had to be based on my 2018 income and not my 2019 income. Based on the article, the IRS will not try to recapture that money. I am not holding my breath.
Since we don't need the money, we donated it to several charities that are helping those most impacted by the pandemic.
Stimulus checks are not taxable income
OH yes it is somebody has to pay for it some how TAXES.
If you’re married filing jointly, it would be $1,200.
True. It was 1200. Not sure why I said 600.
Understandable; it was $600 each.
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