Stimulus Check tax implications

what you need to know

Chick supply.

You may have noticed some extra cash hit your bank account today.

If you filed 2018 or 2019 taxes and authorized the irs to make a direct deposit?

Your government stimulus check should have cashed itself in today.

How much money can you expect?

1?hundred per adult?

2?

Hundred per couple?

And 500 per child?

If you earn less than 7?

Thousand dollars.

The check is meant to help you stay on your feet financially while also giving the economy a little boost during the pandemic.

Now that the 2020 tax season is extended?

You may be wondering how this will affect your tax return.

According to h & r block?

The stimulus payment is not an advance of a 2020 refund.

When you file your 2020 tax return in 2021?

You could get an additional stimulus payment if your circumstances change.

The additional payment would be added to your refund or reduce your balance due.

And don't worry?

You do*not have to claim the check as taxable income next year.