Even though no stimulus checks have been granted this year at the federal level, several states have taken it upon themselves to authorise their own relief checks to help people with inflation uprise.
When the Internal Revenue Service (IRS) delivered the first, second and third stimulus checks, though, some people had doubts about whether they had to pay taxes on the money received.
at the time, the answer was a resounding NO. As with the federal stimulus checks, the reality is that the inflation stimulus checks are also not taxable.
The main reason is that none of these checks are considered part of the gross income of individuals, that’s why they cannot be subject to the payment of taxes.
It’s also worthy to note that several of these inflation stimulus checks have been granted as a tax refund and, therefore, do not alter the gross income of the beneficiaries.
These stimulus checks have been authorized as the United States is experiencing one of the highest inflations in recent times.
Retirees & residents have requested that new stimulus checks be approved at the federal level. However, the administration’s response doesn’t reject it but says it is unlikely to happen in short term.