The deadline to file taxes for someone’s stimulus check payment is just under a month and a half away. Most of the tax professionals across the state have been pretty busy going around assisting people in meeting the deadlines that have been set. Sam Noshirvan, a tax associate for the Timberline Tax Group state that the current situation doesn’t reflect a perfect world under any circumstance as the IRS is quite a large vessel.
Noshirvan did help in clearing out an alarmingly large jar of confusions about stimulus payments and CTC Checks when it comes to filing one’s taxes after Channel 2 received the bunch of questions from its viewers.
New Information On Stimulus Check Data Released
Noshirvan stated that none of the stimulus check payments should be considered taxable- as they form a major part of the Cares Act. Interestingly, this is also a large part of the multiple negations that Congress has passed into law. He went on to explain that both of the government payments were advances that would be used as credit or reductions if one has a tax balance. If one didn’t have a tax balance, it would serve as a refund.
As it goes, most families throughout the country have only been able to receive just 50% of the CTC stimulus check in June of 2021. Noshirvan went on to state that once the taxes have been filed, the remaining half will be applied- either as credit for what is due or become a refund by itself. He claimed that they would be qualifying virtually for the remaining 50% when they file for their tax returns.
Stimulus Check payments seem to be embroiled in the same boat. Noshirvan went on to state that if one were to get one out of two of their installments of stimulus money, they would then be qualified for a credit on the installment that is remaining.
