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  • Writer's pictureBA Tax Pros

The Stimulus Check and Your Taxes

Updated: Sep 14, 2023


Check Image with dollar sign
Stimulus Check Image
 

Still Waiting on Stimulus Payments?

If you qualify but have not received the first, second, or both stimulus payments, you may claim the credit when you file your 2020 tax return.


Qualifying individuals are set to receive Economic Impact Payments, otherwise known as Stimulus Payments. The Amounts are:

  • First Payment: $1,200 ($2,400 for married filing jointly) plus $500 for each qualifying child;

  • Second Payment: $600 ($1,200 for married filing jointly) plus $600 for each qualifying child.


Documents Needed for Your Tax Return

Accurate information is necessary to claim the Recovery Rebate Credit.

  • Notice 1444: tax document for First Payment;

  • Notice 1444-B: tax document for Second Payment; and/or

  • IRS Account Transcript: an IRS computer generated overview document of your tax account (see "Checking for Your Payment" below); and/or

  • Bank Account Statement: detailing direct or check deposit received from the IRS.


Are the Payments Taxable?

No, stimulus checks are not taxable. The stimulus payments are designed as early refunds of the Recovery Rebate Credit based on pre-2020 tax information. If you have not received the payment, the credit will either decrease the amount owed on your 2020 taxes or increase the amount of your 2020 refund.


Checking for Your Payment

The IRS has online tools available to access stimulus payment information. With an online account, individuals may access tax balances owed, payment history, make payments, and more. Click below to view your account information or learn more about registering for free.



 

Schedule an Appointment to Start Your Tax Return and Claim Your Stimulus

918.392.7879 | service@dptaxhelp.com

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