A Word About Stimulus Payments and Tax Implication(s)

January 31st, 2021 at 10:01 AM

They received the full amounts of both Economic Impact Payments if:

People who did not receive the payments or only received partial payments may be eligible to claim the recovery rebate credit when they file their 2020 tax return, even if they are normally not required to file a tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.

Taxpayers should remember that stimulus payments they received are not taxable, and don\\\\\\\\\\\\\\\'t reduce the amount of their refund.

Important filing season dates

Are you overpaying your taxes?
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