COVID-19: $600 Stimulus Checks - Eligibility, Status, Impact on Taxes, and More.
On December 27, 2020, President Donald Trump signed the $900 billion coronavirus relief bill that included $600 checks to millions of Americans struggling financially amidst the ongoing pandemic.
After receiving the first stimulus check of $1,200.00 in April 2020, eligible Americans are finally receiving a second stimulus payment amongst record-breaking business shutdowns and long-standing unemployment periods. You can check your eligibility for the second stimulus check, which depends on a few factors such as yearly income for single or married couples, currently enrolled college students, adult dependants, and more.
The $600 stimulus checks started to be deposited into some Americans’ accounts via direct deposit shortly after the bill was signed. Stimulus payments are being released either via direct deposit or paper checks delivered by mail. For those who have not received payment or looking for additional information, the status of stimulus payments can be checked on the Internal Revenue Service’s (IRS) website.
The stimulus check affect on your taxes
Stimulus checks are not considered taxable income. Therefore, those who receive a stimulus check are not obligated to report the money on their 2020 tax return. On the contrary, unemployment benefits are considered income and must be reported on your 2020 taxes.