Business Insider: Everything we know about the coronavirus stimulus checks

[crickets]

Everything we know about the coronavirus stimulus checks that will pay many Americans up to $1,200 each

The payment — which the IRS is calling an "economic impact payment," the government has named a "recovery rebate," and many people are calling a "stimulus check" — is technically an advance tax credit meant to offset your 2020 federal income taxes.

Is the money from the check taxable?
No, the money is not taxable.

What is a tax credit?

What is a tax credit?
A tax credit is an amount of money awarded to you, the taxpayer, by the IRS that reduces your tax bill on a dollar-for-dollar basis. It is one of the last steps in calculating your annual tax bill and can be claimed regardless of whether you itemize your deductions.

Check out the above links for more information. There is no pay wall as far as I can tell, and the information presented is thorough and straightforward: who qualifies, whether/how to sign up if necessary, how the money is going to be received, how long it will take, etc.

I hope this helps clear up some of the confusion that has been swirling around about what these stimulus checks actually are and how they work.

[customerserviceguy]

1. Thanks for posting that

It looks pretty comprehensive.

[crickets]

2. You're welcome! I had questions too, and I'm glad to know it's helpful. nt