Income Taxes and Stimulus Payments – Are Your Payments Taxable?
It sure was nice for many of us – getting that pandemic-induced money we’ve come to know as “stimulus payments” last year. But now that the annual income tax season is in full swing, many are wondering whether that much-needed money doled out last year will become part of our taxable income when we file our taxes this year, and affect taxation of our Social Security benefits. Well, the short answer is no, as revealed in this Kiplinger article by Rocky Mengle, but there are some other things you should also know about those payments – for example, what about State income tax? And what if you didn’t get the stimulus check payment at all? Click here to find out all you need to know about last year’s stimulus payments.