- Economic Impact Payments (Stimulus Checks)
- How and Where to Check on Your Check (Payment)
- Taxation of the Economic Impact Payments
- Federal Taxation of State Unemployment Benefits
Economic Impact Payments (Stimulus Checks)
Good news! The payments/checks are being processed and sent. The payment for my wife and I was deposited into my checking account on 15 April 2020. The deposit for my wife and I was $2,400.
How and Where to Check on Your Check (Payment)
If you want to check the status of your Economic Impact Payment, complete the form on the IRS website. The form is simple and easy to use.
Taxation of the Economic Impact Payments
Your Economic Impact Payment is not taxable.
Federal Taxation of State Unemployment Benefits
Fortunately, most people who lost their jobs due to the COVID-19 coronavirus pandemic are eligible to receive state unemployment benefits.
Any unemployment compensation received must be included in your income. You may also be required to make quarterly estimated tax payments.
Here’s how and when to pay estimated taxes. For state unemployment benefits, you make Federal estimated tax payments for income tax only … not FICA taxes. (Social Security and Medicare)
Unemployment taxes are taxed in some states and not taxed in other states. Check with your state’s Department of Revenue. All states have a website that outlines what is considered taxable income. Making estimated tax payments to the state closely resembles that of the Federal government and both are easy to do.
“Do what you can, with what you have, where you are.”
― Theodore Roosevelt
Life Under Change
Quotes that inspire, motivate and challenge us.