Do I Have to Pay Tax on Stimulus Check?

Answer: No, you do not have to pay any taxes on any stimulus check you received in 2020.

The stimulus checks, officially is called the economic impact payments, were a tax credit for your 2020 taxes. The stimulus check will not increase your income nor your taxes.

The first round of the Cares Act gave up to $1,200 to each adult taxpayers who earned under $75,000 per year. In the second round, each taxpayer received $600. The purposed third round of the Cares Act will be an additional $1,400 per adult taxpayer.

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