The stimulus checks being sent out by the federal government to jump-start the economy during the pandemic are making their way into the hands of many needy individuals right now. However, there are a few common questions that some individuals are still asking.
Do You Have to Pay Income Taxes on the Stimulus Payment?
The answer is no. You do not have to pay taxes on the stimulus payment, regardless of whether you receive the full amount or just part of it.
What if You Have Defaulted on a Student Loan?
If you are a student who defaulted on a loan, and your income tax refunds are being garnished as a result, then you may be worried that the stimulus payment will be as well. However, one thing has nothing to do with the other. Your tax refund for this year might still be garnished if you agreed to that previously with the IRS. However, you will get the full amount of the stimulus check.
If the Payment Does Not Come Quickly, How Can You Track It?
If you are not among those who get the payments quickly, then you might want to track yours to see what the status of it is. Apparently, there will be a way to do that. The federal government is going to release an online tool that will allow you to do so. However, as of this writing, that tool was not operational yet.
