Are the stimulous checks that the US government sent out this year considered as taxable income?

In a world gone insane one must ask insane questions.

Will the government be sending out stimulous check reciepients a W-2 before January 31st?

If the government fails to do so wouldn't the IRS be in violation of the tax code?

Do stimulous check receipients now work for the US government in some capacity, either as an independant contractor or an employee?

Isn't cashing a stimulous check like signing a contract with the devil?


[edit on 24-1-2009 by In nothing we trust]

As a tax credit, it is not taxable income.

Which devil?

[edit on 1/24/2009 by Phage]

Originally posted by Phage
As a tax credit, it is not taxable income.

How about the the stimulous money being provided to the banks?

Which devil?

Good question

People that got a stimulus check in 2008 DO NOT HAVE TO PAY Federal income tax on it.

However they need to check with the state they live in because they maybe taxed by the state.

Originally posted by Mercenary2007
However they need to check with the state they live in because they maybe taxed by the state.

So the states may have a chance of grabing some of the loot by taxing the tax credit.

Some of the states are hard up for cash right now. They might just give that a try.

[edit on 24-1-2009 by In nothing we trust]