5 Commonly Asked Stimulus Tax Questions
The COVID-19 outbreak has hurt the U.S. economy to a degree beyond what many of us could have imagined. Thankfully, the $2 trillion CARES Act has already been providing relief in the form of $1,200 stimulus payments that started hitting Americans' bank accounts in April. But there's still a lot of confusion surrounding those stimulus checks, so if you're in the dark, here's some information that may help clear things up.
No. The purpose of those $1,200 stimulus checks is to provide immediate relief for struggling Americans who can't make ends meet without them. The IRS will not be withholding a portion of those checks for tax purposes, nor will it ask you to pay taxes on your stimulus money after you receive it.
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Source Fool.com
