2020 Income Tax for Fedural
Stimulus and Disaster Relief Dollars for Covid-19 Is this taxable $$ and where do you report the $$ on 1040 forms?
Terry Says
Stimulus payments are not considered taxable and do not have to be reported.
Disaster relief depends on the terms of the disaster declaration. Basicall,here’s what the IRS says:
Amounts paid to reimburse or pay reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster, or to repair or rehabilitate a personal residence, are not subject to federal income taxation to the extent any such expense is not otherwise reimbursed,
