We have already received our stimulus check electronically deposited today

[RV_]

And if anyone is wondering or has friends and family getting unemployment and if the Stimulus checks were taxable. Or do some think unemployment is not taxable.

From Marketwatch:

"Again, no. The stimulus check you receive will not factor into your income-tax liability. That’s a point the House Ways and Means Committee noted in its rundown Monday on the new round of checks.

And because stimulus checks don’t count as taxable income, they don’t influence, offset or factor into the size of your refund.

While stimulus checks don’t count as taxable income, unemployment benefit money does count when the IRS tallies up a person’s income-tax bill, according to April Walker, lead manager for tax practice & ethics at the American Institute of Certified Public Accountants.

The new relief package authorized supplemental $300 weekly unemployment insurance going into mid-March.

One peril is a nasty tax bill waiting for people who didn’t know to withhold money for income tax when receiving their weekly payouts, experts say.

Thirty-seven percent of people didn’t know jobless benefits were taxable income, according to a June survey from Jackson Hewitt, the national tax preparation chain. Just over half of the 1,000 people surveyed (51%) didn’t know they had to ask for withholdings on their benefits."

Source: https://www.msn.com/en-us/money/taxes/is-my-stimulus-check-taxable-income-will-it-reduce-my-tax-return-burning-questions-about-the-second-covid-19-stimulus/ar-BB1ci2sa?ocid=uxbndlbing

 

 

Edited January 1, 2021 by RV_

[Kirk W]

We have ours, as does at least one of our sons in  KY and some friends in TN.

[Barbaraok]

Ours showed up this morning in our checking account.   

[mrschwarz]

We got ours, too.

[bigjim]

not yet for me,  at least as of about an hour ago.

[TXiceman]

Our stimulus check appeared overnight in the bank account.  We had already made a contribution of part of the payment to the area assistance ministries where we used to live. So many people in need of food or help with the utilities and rent.  We are very blessed to be in a stable situation.

If you can, please help a local food bank or such group.

Ken

[RV_]

Ken good idea, we already did. We have a major food distribution point we pass on the way home. https://careandshare.org/

We are fortunate as well. We had already made a donation in time for Xmas distribution here in our immediate and surrounding area.

[TXiceman]

RV/Derek, we had already made donations prior to Thanksgiving and Christmas.  Prior to that we had sent them smaller donations.

Ken

[Twotoes]

So are we talking about a stimulus check or an unemployment stimulus check? How much is the amount of the checks going out? I know it is $300 a week extra to your State Unemployment, which I don’t qualify for since I am retired and also was self employed for over 20 years, and the proposed amount of $600 for a one time check. Even tho I file a tax return for my rental income I don’t get a refund so I don’t get a direct deposit for the stimulus check, but I do get a Social Security check direct deposit. Last round of payments of $1,200 the check was mailed to Livingston and it took a few weeks to get the mail forwarding so it may be another month before I see any money. 

[Kirk W]

7 hours ago, Twotoes said:

So are we talking about a stimulus check or an unemployment stimulus check?

The title of this thread is stimulus check. 

[TXiceman]

Twotoes, as far as I know we have been talking about the stimulus $600 check to each person.

ken

[Barbaraok]

When we got the first checks, it was when all h*ll broke loose in Arizona, so we gave to local food banks and the Navajo Nation.  Here we are 6 month later and the state is in the same condition so another round to the same groups.   We also gave for the Thanksgiving-Christmas holidays, including  money to a food bank in the town where I grew up in the name of my mother and aunt who died a year ago (before the virus hit).   We've reached the stage in our family where at Christmas we give donations to causes we support instead of presents of things none of us need.