Do I need to pay federal financial assistance tax because of coronavirus

Americans are eagerly awaiting federal government aid checks for the coronavirus, which they should receive next week, reports Fox Business.

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Checks will come from the IRS. But will you have to return something back in the form of taxes?

The short answer is no: you don't have to pay income taxes on the money, and you don't have to include it on your 2020 tax return.

On the subject: Coronavirus unemployment benefits: how much they pay in different states

Thus, this government payment will not affect the size of your tax refund.

The payment will technically be made as an advance on a tax credit. In addition, if you receive federal assistance on the basis of a declaration for 2018 or 2019, and in 2020 you earn more money than the upper limit for receiving such assistance, you will not have to return a cent on the amount received as financial support from the government .

This money should begin to flow into the accounts of Americans from April 13. Tax will send paper checks by mail from April 20.

Payouts are: $ 1200 per adult for those with incomes up to $ 75 per year; couples with a total income of $ 000 are eligible for $ 150 dollars and $ 000 dollars for each child.

On the subject: Federal Coronavirus Aid: A Complete Guide to Questions and Answers

Payments are aimed at supporting the Americans for a while until the US economy starts working again. The federal and state governments have decided to close many businesses in an attempt to limit people-to-people contacts in the midst of a coronavirus pandemic. As a result, many people were either without work or with shortened hours of work.

As reported by ForumDaily:

• Senate approved unprecedented economic crisis relief package $ 2,2 trillion, which will go to businesses, workers and healthcare systems affected by the coronavirus pandemic.
• The bill was unanimously supported, despite the fears of both sides that the proposed measures are too large or, conversely, not large enough.
• Voting was preceded by several days of negotiations amid a nationwide crisis that Washington had not previously encountered.
• The 880-page document was the largest economic aid bill in US history.

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How the US and the world plan to return to normal after quarantine

Work during quarantine: a list of companies that hire remote employees

Coronavirus and investments: how to make money during falling markets

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