Biden Term

[Carsman]

Don't worry it goes into you're yearly earnings at the end of the year. Save it for taxes, you'll need it.

Not really!

The Internal Revenue Service (IRS) is sending out millions of checks in the third round of stimulus payments. As people start to spend their money, some wonder: Is my stimulus payment taxable?

The short answer: No. In the somewhat longer words of the IRS: “No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer's refund or increase the amount they owe when they file their 2020 or 2021 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs." (Source: IRS.gov Tax Tips)