Didn’t Get a Stimulus Check? You Can Claim it on Your Tax Return
To my dear friends who work in the accounting and tax preparation industry, you have my deepest respect and deepest sympathy for the tax season you are currently wading through. Every year the federal and state tax codes change at least a little bit. This past year the way we do our taxes or have our taxes prepared for us have been affected by the pandemic, just as almost everything else has.
One big concern do it yourself tax preparers might encounter is how to report money received as part of the government's stimulus program. Kimberly Robinson with the Louisiana Department of Revenue explained that those monies really won't pose any issue on your tax filings,
Those payments they received last year, the $1,200 per individual, and $500 for children and then the additional $600 that they started receiving at the end of the year those are not subject to tax
Robinson's remarks were published in a story posted on the Louisiana Radio Network website.
She went on to explain that stimulus checks are not taxed at the state or federal level. Now, if you didn't get a stimulus check, there is actually some tax relief for you.
You can claim that on your return when you file it, so you need to pay attention and be aware of that. It’s not subject to tax and if you didn’t already claim if you get to take it on your return
Robinson did warn those who received unemployment benefits that those monies are not taxed when they are distributed so it is up to the recipient to pay the taxes. For a lot of people that is going to be a huge shock. In other words, no taxes were withheld from unemployment benefits so you'll have to pay those taxes on the back end.
By the way, as of today, you can officially begin filing your 2020 Individual State Tax Return. You'll have until May 17th to get that state returned filed. The federal tax return deadline is April 15th.
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