IRS Tax Tip: Do You Have to Pay Taxes on Your Coronavirus Stimulus Check?

| Jul 1, 2020 | Taxes |

In mid-April, the government began sending out direct payments to Massachusetts residents as part of the larger coronavirus stimulus package. While the money was much needed by those who lost income as a result of the pandemic, many are wondering whether there’s a catch. Will the money be taxed later? Is it simply a tax refund advance that will need to be paid back next year?

If you’re confused about how stimulus payments affect your taxes, you’re not the only one. Here’s what you need to know.

To continue reading this article, please click here.

Set Up A Free Initial Consultation