Stimulus money questions

Stimulus money questions

President trump authorized the stimulus package to help taxpayers out financially just over 2 weeks ago.

Tax professionals say people should start seeing those checks starting this week.

News 10's dominic miranda spoke with the president of tax masters 2 in terre haute.

He joins us now with more on what these stimulus checks now mean for next year's taxes.

Pk} at 5, i told you where the irs is and what to expect as far as receiving your checks from the stimulus package.

I spoke with tommy jeffers today.

He's the president of tax masters 2 in terre haute.

He told me there's still a lot that's unclear about these stimulus checks and what they mean for the long term for your wallet.

V} jeffers says, getting this money from the stimulus checks now may have strings attached for next years taxes.

It's been said that these checks will act as a "loan" off of nex years refund.

Jeffers says, though, this implies that you would have to have a refund next year in order for this to offset.

He told me this poses the question of "is this really fair for people who don't have a tax refund, or people who's income drastically changes between this year and next year.

Jeffers says he believes the government rolled out this stimulus package as fast as possible to help taxpayers in the short term.

So} tommy jeffers, president, tax masters 2 "i do believe that they have, in haste, tried to get this package signed, sealed, delivered, and out the door as fast as they could without really honing in on some of the finer details on how some of this was worded."

Jeffers told me they are constantly getting updates on how all this will shake out.

He says he would advise you at home to reserve judgement because all of us, including the treasury department, are in uncharted territory overall hopefully you receive your checks from the stimulus package soon to relieve some of the financial burden brought down by the coronavirus.

In th i'm dominic miranda news 10 now we do now we do news 10 now we do want to stress...right now there is not a clear answer on the impact of this stimulus check on next year's tax refunds.

California senator dianne feinstein's office has said these payments are *not taxable.

This is an evolving situation.

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