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It s line 30 and it reads recovery rebate credit.
Is the stimulus taxable for 2020. Some people assume that the irs will add the amount to your income generating a bigger tax bill or reduce your future tax refund when you file your tax return next year. You may be able to claim the recovery rebate credit. The 2020 tax return has a specific line for you to claim the stimulus money.
The stimulus payment or economic impact payment as the irs calls it is technically a tax credit for 2020. Second round stimulus checks are being sent through mid january. The stimulus check is taxable income again no.
The stimulus check you receive will not factor into your income tax liability.
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