Thanks to The National Desk for talking with our own Phil Mitchell on what you can do on your taxes if you haven’t received your stimulus check.
If you qualified for stimulus checks but never received them in 2020, tax expert Phil Mitchell says you still can. It’s just all about the forms.
“What happens is when people file their 1040 returns, that’s the chance to actually get that money,” said Mitchell to The National Desk. “There’s a recovery rebate credit form that would be filed with the return.”
As nearly 10 million jobs were lost last year due to the pandemic, millions of Americans received unemployment in 2020. Unlike stimulus cash, employment benefits are taxed as income – all you’ll need to file a 1099 G, said Mitchell.
“They’re going to generate something called a 1099G that says here’s your unemployment compensation. So that is reported and needs to be claimed on your tax return and that’s considered taxable income. And the key is to differentiate between the stimulus check, the stimulus check is not a taxable event.”
Read the full article HERE.
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