Community Chat

[SharkE]

No, no tax

wonder why she didn't check the 'get my payment ' page they would had said what they told her in the letter.

We've been to the Get My Payment page till we wore it out.

"No, stimulus checks aren't considered income by the IRS. They are prepaid taxcredits for your 2020 tax return, authorized by two relief bills passed last year that aimed at stabilizing the struggling U.S. economy in the wake of the pandemic "

[RealtyGal2]

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@IdahoGram wrote:

I got the same letter a couple of days ago.  It's referencing the stimulas of a few weeks ago for $600.  It also says to save this and the letter referencing the previous stimulas for tax purposes.  I don't recall getting a previous letter.  Oh well, we'll have to pay it back one way or the other, letter or not!

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I thought the stimulus was tax free.

[Carmie]

I wouldn't be surprised if the IRS deposits another smaller amount in your account in about a month..interest for being late with the $600.

Then next year you will receive a 1099 interest statement.  That interest is taxable.

That happened to us with the $1200 check.  We got ten dollars and change deposited a few weeks later for the interest.  We have to claim that on our 2020 taxes.

[haddon9]

Well that's good news....but a total waste of paper & postage!

Many years ago when DH and I were first married we made a mistake on our taxes.  Several months later we received a check for $1600.00 (which was a LOT in 1982!) and was a welcomed surprise!

[Anonymous032819]

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@RealtyGal2 wrote:

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@IdahoGram wrote:

I got the same letter a couple of days ago.  It's referencing the stimulas of a few weeks ago for $600.  It also says to save this and the letter referencing the previous stimulas for tax purposes.  I don't recall getting a previous letter.  Oh well, we'll have to pay it back one way or the other, letter or not!

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I thought the stimulus was tax free.

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That's what my letter said.

It said that the $600 was NOT considered income, and therefore, I did NOT  have to report it on my income tax form.

[SharkE]

I guess nobody reads my posts.   Best place for information is AARP.

Husband said he wouldn't want any interest be to much trouble to go thru the claiming on your form. LOL

[sharlee]

I got the same letter, and had exactly the same reaction!

[Anonymous032819]

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@SharkE wrote:

No, no tax

wonder why she didn't check the 'get my payment ' page they would had said what they told her in the letter.

We've been to the Get My Payment page till we wore it out.

"No, stimulus checks aren't considered income by the IRS. They are prepaid taxcredits for your 2020 tax return, authorized by two relief bills passed last year that aimed at stabilizing the struggling U.S. economy in the wake of the pandemic "

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I didn't need to check that page because I saw the deposit in my checking account and I already knew that I did not have to report it on my income tax form.

But, when one gets an envelope in the mail from the IRS, one does not know what's inside, until one opens the  envelope and reads the contents.