Do we have to pay federal income tax on the first stimulus checks?

Mindy D · ‎05-23-2010

yamma024 · ‎08-21-2017

No.

Carmie · ‎10-25-2010

No, the stimulus check is tax free. However, if you received a payment of interest after the first check, because it arrived late, that interest amount is taxable.

If you received interest, the IRS will send you a 1099-INT form to file with your taxes.

Mindy D · ‎05-23-2010

@Carmie wrote:
No, the stimulus check is tax free. However, if you received a payment of interest after the first check, because it arrived late, that interest amount is taxable.

If you received interest, the IRS will send you a 1099-INT form to file with your taxes.

@Carmie I should have asked if there's a place on the ez tax form to note that a stimulus was received. I don't think I saved any paperwork or letter that might have come with our check. I do have a photo of the check.

Marp · ‎03-09-2010

@Mindy D wrote:
Do we have to pay federal income tax on the first stimulus checks?

@Mindy D, there is no federal tax on the stimulus checks but some states that have income taxes have not yet said if the stimulus money will be taxable at the state level.

At least that is not something you have to worry about.

The eyes through which you see others may be the same as how they see you.

Carmie · ‎10-25-2010

@Mindy D My arrived by direct deposit and I didn't get any paperwork.

i don't think we have to worry about it or even claim it on the tax form unless we are due the money and never received it. You can request the stimulus money on the tax form if you were forgotten.

If you received interest, the IRS will send you a form to file taxes with. I received ten dollars and change separate from the first deposit, so I know I will owe taxes on that...waiting for my 1099-INT to be sent to me.

jackthebear · ‎03-11-2010

call me a cynic

but eventually the tax man will come calling on this not this year but sometime

Johnnyeager · ‎09-05-2014

The payment is not income. It is, therefore, not subject to taxation.

It has been structured and classified as a "refundable tax credit."

It's all spelled out in the text of the legislation.

jackthebear · ‎03-11-2010

@Johnnyeager wrote:
The payment is not income. It is, therefore, not subject to taxation.

It has been structured and classified as a "refundable tax credit."

It's all spelled out in the text of the legislation.

agree but that pot of money will eventually have to be filled .˙. taxes