9 & 10 News
February 4, 2021
Kevin Cleary is a tax and financial advisor at Professional Tax Service in Traverse City.
He says over the last few weeks he has been getting questions about how the recent stimulus checks will effect customer’s 2020 tax returns.
Cleary says, “We get a lot of questions about that. Is it taxable? No. It’s not. But it is a credit on your taxes. So it doesn’t negatively impact your taxes but if you did not receive it, let your accountant know so they can file that credit for you and you can get that money back.”
How to report your stimulus checks on your tax return
How to report your stimulus checks on your tax return By Jeremy Ford | January 7, 2021 at 4:12 PM CST - Updated January 7 at 5:28 PM
CHAFFEE, Mo. (KFVS) - Whether you received the stimulus payment or you’re still waiting, it’s tax time and what do you need to know about how to account for that stimulus money?
Margaret Poinsett is the president of Professional Tax Service in Chaffee. She said that check you got from the government isn’t considered income.
“It’s a tax credit,” she said. “So, you can tell us what you got, and therefore we will know if you got what you were entitled to.”