To: Fury
Several articles Ive come across have never mentioned if its gross or taxable. Ive looked and have yet to find anything clarifying that.
Its's based on AGI. The check amount is based on AGI. But the question is, is how is this check reported as income when you do your 2020 taxes? Is it a tax-free payment? Or is it added to your base income, so you'll be paying taxes on it next year?
To: Svartalfiar; Fury; BBQToadRibs
The check amount is based on AGI. But the question is, is how is this check reported as income when you do your 2020 taxes? Is it a tax-free payment? Or is it added to your base income, so you'll be paying taxes on it next year?
Other questions are how does this affect income-based anything? The mother-in-law is on survivor's SS (soon to get her own), which is limited based on her other income from substitute teaching / 401k/IRA disbursements. If she makes too much, she has to pay SS stuff back. So, if she's usually close to the limit, does her $1200 check affect that?
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