Found this on the MarketWatch website. Direct quote. Stimulus checks ‘will not reduce your refund or increase the amount you owe when you file your 2020 tax return next year.’ — Internal Revenue Service Another off Money website. Will it count towards my taxable income for 2020? No. This money is not considered income. It won’t be taxable and it won’t affect your income tax bracket for 2020.
The stimulus checks won't, but I believe my unemployment check for being furloughed will be counted as income (when/if GA ever sends it).
Yes, unemployment is taxable, so is the extra 600 from the feds. They give you the option to have some tax withheld, that's what my wife did.
Yep, I'm having the taxes taken out of ours. Evidently FICA isn't required to be paid for some reason.
Sweet! So I've gotten a raise with the 600 extra and a raise because I'm not losing the 7% plus FICA takes
Still haven’t received the < $50 I was expecting. NBD. At least I finally got my 1st unemployment check from PA after filing on 4/1. Only got my 1st 2 weeks of PA payment and the addtl 600 from the feds doesn’t come until a week later in PA. Still waiting on word of approval for PPP as an independent contractor.
Got told we are approved for the PPP but no word from the closing peeps at the bank yet, they did say 7-10 days and it's been like 5 so what the hell!