Stimulus checks earlier this year brought much-needed relief to families across the U.S. and now more checks could be on the way. But now come year-end, we start talking about taxes. The big question, of course, is what do you do with that check? Is it taxable?
Lisa Greene-Lewis, CPA and TurboTax expert, answers that question and more in this sponsored TurboTax video series, End-of-Year Tax Strategies.
"One thing that taxpayers need to know is that [the] stimulus check is not taxable. Also, another thing that they need to know is if they receive too little stimulus check, lower than they're eligible for based on their 2020 income, they will receive more in the form of a tax recovery rebate. And if they receive too much, they won't have to pay it back," Greene-Lewis said.
To hear more on the subject, watch the video above.
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