Stimulus Checks: How Will These Checks Be Taxed, Affect My Tax Return

Amid the ongoing coronavirus pandemic, it was previously announced that Americans across the U.S. would receive stimulus checks as part of a larger $2 trillion stimulus package that the White House and Congress agreed to in late March. Understandably, there are many who still have lingering questions regarding these checks, such as how they will be taxed and how it could possibly affect your tax return? In the case you do have questions regarding the stimulus checks, read on to find some answers.

In late March, both the White House and Congress came to an agreement to a $2 trillion stimulus package that will help provide a jolt to the economy amid the health pandemic. The package entails that many Americans will receive up to $1,200 for individuals and $2,400 for couples. For those who claim children as dependents, they can receive up to an additional $500 for each child under 16. The payments begin to reduce for those with an adjusted gross income of more than $75,000. As of right now, stimulus checks have already been sent out to many Americans, but some have even encountered issues regarding their checks being sent to the wrong bank accounts.

Considering that there are a number of Americans who have already received their stimulus checks, many likely are focused on the questions that they have concerning them. In case you do have any questions, read on to find out everything you need to know.