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What you need to know about the tax implications of government help

Q. Are my stimulus checks taxable?

A. No. Technically, the money you received in stimulus checks isn’t income (which is almost always taxable). The money the federal government paid to you is actually a tax credit, known as a recovery rebate credit. It’s a reduction in your federal income taxes. So, you didn’t get money; you got a tax reduction, paid well in advance of the due date for taxes (April 15).


That's better than "free Obamacare". <LOL>

Also interesting that a married couple with 2 kids still gets a $50 check on an income of $197,000/yr after the phase out.

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