Skip to content

Kenneth Athon Tax Strategies

Treating every client and every tax issue with dignity, respect and confidentiality

Search
  • Access or start your secure client account
  • Pay your tax prep fee
  • Where’s My Refund?
  • Forms and Checklists
  • Home
  • Contact Kenneth
  • Secure Client Account LoginSecurely upload or download your documentation; send or reply texts.
  • Fee Payment Secure PortalPay your fee by credit card or PayPal

Economic Impact (Stimulus) Payments

7Feb 202124 Feb 2021

Stimulus payments from the government to taxpayers in April and December 2020 are not taxable. However, the amount you received (and zero if you received none) must be reported on the 2020 Income Tax Return. The amount to report is the gross amount of the payments, before any withholding or offset.

(If an individual owed past due child support, the first Economic Impact Payment was applied to that debt and the net would have been at least lessened or possibly reduced to zero.
The second Economic Impact Payment was not offset for any federal or state tax debts.)

In February 2021, the IRS started mailing Forms 1444 and Form 1444B to taxpayers; these report the gross amount of your Economic Impact Payments.

The gross amounts can also be found in a taxpayer’s Online Account at IRS: Create or view your account.

If you received Economic Impact Payment(s) by Direct Deposit, or if you deposited your stimulus check(s) into your bank account, your bank statements will show the net amounts after any offsets or after any application toward past due child support.

Be sure to include the total of your 2020 Economic Impact (stimulus) Payment(s) – even if the amount is zero – with the documentation that you provide for your income tax preparation.

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...

Related

Published by Kenneth Athon

View all posts by Kenneth Athon

Tags: 1444, economic impact payment, online account

Post navigation

Previous Covid-19 Impact on your family?
Next Bitcoin and Virtual Currencies

Enter your email address to follow this blog and receive notifications of new posts by email.

Helpful Links

  • Contact Kenneth
  • Forms and Checklists
  • Where’s My Refund?
  • Access or start your secure client account
  • Pay your tax prep fee
  • Where’s My Refund?
  • Forms and Checklists
Blog at WordPress.com.
  • Follow Following
    • Kenneth Athon Tax Strategies
    • Already have a WordPress.com account? Log in now.
    • Kenneth Athon Tax Strategies
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: