That has no bearing. The first ($1200) stimulus wwas treated like a tax credit and not taxed, so no need to withhold. I (apparently wrongly) assumed the latest $600 stimulus checks were also tax-free.
"More important, the money will not be counted as taxable income. It will be considered a credit, so you can deduct the sum against your future taxes."
I thought the stimulus checks weren't taxed though?
Taxable, unless an additional law is passed making it exempt.
Interesting, considering the $1200 checks were most certainly NOT taxed.
Taxes werent withheld.
That has no bearing. The first ($1200) stimulus wwas treated like a tax credit and not taxed, so no need to withhold. I (apparently wrongly) assumed the latest $600 stimulus checks were also tax-free.
Lol, that's funny. They're counted as income, and income is taxable. They set that precedent back when Bush tried it.
First round of stimulus was tax-exempt.
"More important, the money will not be counted as taxable income. It will be considered a credit, so you can deduct the sum against your future taxes."
SOURCE: https://www.cnbc.com/2020/03/25/congress-to-send-taxpayers-1200-checks-in-the-wake-of-coronavirus.html
Also, not all income is Federally taxable. Another example of Federally tax-exempt income is Municipal Bond interest.