Does theof count as income for next year’s taxes? What about taxation on ? And what happens if your income changed between the first check and the arrival of a second — ?
It turns out that taxes are critical when it comes to stimulus checks. They help determineand for a direct payment in the first place, from to .
We’ll help answer all your questions about how taxes and stimulus checks go together. And here are theoverall.
Can I be taxed on my stimulus payment?
No, adoes not count as income and you won’t owe tax on it, the IRS has said.
How do taxes determine the size of the stimulus check?
The IRS uses the, from your 2019 federal tax return (or your 2018 return if didn’t file one in 2019) to calculate your payment scale. Your AGI may be a different figure from your annual salary or take-home pay based on a variety of factors.
The income limits that decide exactly Read more>>— and if you’re in the first place — stem directly from the AGI on your last batch of taxes, not necessarily what your income is at the time the checks go out…