Is the stimulus check from the government taxable?
My friend said the stimulus check will be taxed on my income next year, but I haven't heard of anything like that. Is it true? If so, what's the point of handing out free money to stimulate the economy only to tax people on it later when they've used it all. If that's true, it sounds like it can get people into more debt.
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May 17th, 2009 at 6:22 pm
Flatly NO.
The IRS website specifically says on the Q&A on this in the first line that this will not affect your return this year or next and is NOT taxable.
May 17th, 2009 at 6:22 pm
NO
May 17th, 2009 at 6:22 pm
Your friend obviously hasn't read the IRS FAQ about the rebate. He or she is WRONG, pure and simple.