Stimulus Check has acted as a boon to the citizens of the United States of America. The administration of Joe Biden decided to aid the residents of America with stimulus payments. This was done predominantly to assist the families financially during the time of the pandemic. As the world came to a standstill, most businesses were forced to shut down. The nationwide shutdown meant that a lot of people lost their jobs.
This posed a big threat to most families. They struggled to make their daily living. These checks provided a lot of respite for every citizen in the country. They could now work productively without having to worry about their finances.
The federal government sent out three stimulus payments for the people. The third stimulus check amounted to $1400 and was the last of the lot. These checks were not given to all the citizens. The checks had some specific eligibility criteria. Residents earning less than $75000 were eligible to receive the check.
For married couples, the joint income per annum should not cross $150000. However, recently, a doubt has crossed the minds of the locals. They are wondering if the stimulus checks are taxable or not? Let us learn more about the story in detail below.
Stimulus Check: Taxable Or Not?
Stimulus Check has triggered the question of whether the payments are taxable. This confusion has gained significant momentum due to the law of America.
American law states that income from any source will be deemed taxable. However, there is good news for the citizens of America.
The IRS has clearly stated that the Stimulus Checks were grants from the government. The money provided was a tax rebate. Thus, the payments will not be taxable.
