Are stimulus checks taxable? What if you don’t receive it?

Are stimulus checks taxable? What if you don’t receive it?

  • April 8, 2021
  • David Greene
  • Comments Off on Are stimulus checks taxable? What if you don’t receive it?

If you have not received your check, first be sure you are eligible.  Eligibility is based on your earnings as shown on your 2019 return.  For a single person, if your Adjusted Gross Income is more than $87,000, you are not eligible.  Below that, your payment will be phased out and you will gradually receive less between AGIs of $75,000 and $87,000.  For a married couple filing jointly, your payments will be phased out if your Adjusted Gross Income is greater than $150,000.  If you are eligible and have not received your check, first go to irs.gov and check the link “Get My Payment” to get the status of your payment. If you still cannot determine why you have not received your payment, then the IRS allows you to claim a credit on your 2020 tax return.  Your stimulus check is not taxable and will not increase your taxes or reduce your refund.

 

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