Help through stimulus checks was critical to many households during the pandemic era in the United States. This very irregular situation resulted in many economic changes. This makes the IRS have to rethink everything related to taxable.
Thus, American citizens will be able to breathe easy, as it turns out that stimulus checks in the end will not be taxable to the IRS. This is very good news, as it will mean a very big relief. Some of the states gave a lot of help and for them to be taxable would mean that they would lose purchasing power over the next few months.
But this is not the case, as citizens who received this financial help from some States will not have to pay any more taxes to the IRS. However, this does not mean that those citizens are exempt from filing a tax return. Did you receive a stimulus check?
IRS Tax Filing
IRS tax season began last January 23rd. Since then, the IRS has started receiving all types of tax returns. For the most part, United States citizens have to send in their return before three months have passed.
Therefore, the deadline for sending the tax return to the IRS is April 18. This may change somewhat, as some citizens may request an extension of time. However, it is not common for the IRS to grant this extension of time, as a number of requirements need to be met in order to get this extra time.
Do I have to report my stimulus check?
It is not mandatory to declare the state stimulus check that citizens received in 2022. But it is recommended. Any income must be reported to the IRS, so if you received one of these checks you should report it.
But don’t worry, as you can declare it as non-taxable, so you won’t have to pay taxes on this amount of money. In short, you are not required to pay taxes on the stimulus check but you are required to report the taxes.
The states that are included as those that helped their citizens during the pandemic are: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania, and Rhode Island.