3. You May Qualify for More Money
Although the next stimulus package will most likely follow the same guidelines, the qualifications for amounts may change. For example, the government may modify the definition of a dependent, making the age of the dependent irrelevant.
2. Keep an Eye Out for Confusing Exceptions and Rules
As with most government-related topics, stimulus money explanations can get confusing. For instance, retired people may qualify for a stimulus check, with exceptions. People who receive Social Security Disability Insurance (SSDI) may require a different process to receive the stimulus.
1. Your Stimulus Money Won’t Be Taxed
The good news is that the stimulus money isn’t taxable income, according to the IRS. Your refund on your 2020 taxes won’t reflect the stimulus money you receive. If the IRS failed to pay you what you’re due in stimulus money, you can claim it on your 2020 federal tax return as credit.
As the government decides what their next step is, the best thing to do is get up-to-date information and determine if you received the correct amount the first time. Getting all your ducks in a row prepares you for the next round of stimulus money when it comes.Related: 8 Tips for Safe Walking During Coronavirus