Stimulus Checks were one of the fewest things that made the Americans happy during the shutdown. The announcement from the federal government brought a big smile to most of the families’ faces. As the locals were struggling to cope with their day-to-day finances, stimulus money eased their nerves to a large extent.
The rate of unemployment was significantly high during the time of the pandemic. People began to falter in their payments. The advent of these checks made the number of defaulters go down significantly. After the third check was sent out, there were no more new announcements for the checks.
The federal government lost interest in providing any more money. Several petitions were launched, which did not impact the scenario. A recent rumor has surfaced that has made the masses concerned.
Americans are wondering whether they will have to pay taxes for receiving the stimulus checks or not. The IRS has provided valuable insights regarding the issue. Let us learn more about the story in detail below.
Stimulus Check Will Not Ask You For Taxes
Stimulus Check rumors are a common occurrence. Such a rumor surfaced about the payments being taxable.
This largely happened due to the American laws. The law states that tax must be paid for any type of income by the American citizen.
This made the citizen calculate how much tax the IRS owed from the stimulus payments.
However, good news has been provided by the IRS. They stated that there was no need to file taxes for receiving the stimulus payments.
The stimulus checks were grants from the federal government which in reality were tax rebates. Thus, it does not qualify as an income.
