Second Covid-19 Stimulus Relief Package #2
Alakov469
stimulus relief

Additional questions regarding the second Stimulus Relief payments:

  • Will I need to pay taxes on my relief money? 

o   No. EIP (Economic impact payments) or stimulus relief payments are not taxable and should not be reported as income.

  •  What if I didn’t receive the full first stimulus payment? What options do I have for this next one or not? 

o   The Recovery Rebate Credit (RRC) is a credit authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. If you were eligible for the EIP, but did not receive one or you received less than the full amount as an advanced payment in 2020, then you can claim a RRC on your 2020 tax return. This credit can increase your refund amount or reduce the amount of taxes you may owe. 

  •   How do I claim the RRC?

o   You’ve proven eligible; however, you were not issued a stimulus check in 2020.

o   You are single, your AGI is less than $75,000, and your stimulus payment was less than $1,200.

o   You are married, filed jointly, your AGI is less than $150,000 and your stimulus payment was less than $2,400. 

o   If you didn’t receive $500 for each qualifying child in the first stimulus payment or $600 in the second stimulus payment.

When in doubt, contact Red Rock Tax & Consulting for an appointment and we’ll help you understand what you’re eligible for. We’ll help you plan and manage all your financial needs. 

Have any questions, give us a call here at Red Rock Tax & Consulting. We are here to help you get through the stress of taxes! We offer a free 30-minute consultation so call us and let’s get your appointment set up at 435-635-2494


From all of us here at Red Rock Tax & Consulting we hope you have a spectacular day!


For more Tax Tips make sure you are following us on Facebook
Also, find out more about us at www.redrocktax.com

Have any questions, give us a call here at Metro Tax & Financial Services.
We are here to help you get through the stress of taxes!

We offer a free 30-minute consultation so call us and let’s get your appointment set up (928) 680-1444

For more Tax Facts make sure you are following us on Facebook

Click HERE for more Tax Facts and Financial News

Suggested Articles

Reasons to Consider Out-of-State Municipal Bonds

Municipal bonds (also known as munis) are issued by a state or local government. Interest income is typically paid out twice a year and is not subject to federal taxes. When an investor purchases a bond issued from his own state, the income is generally not subject to...

5 Tips on How to Track Monthly Expenses

Keeping tabs on what you spend isn’t hard. It just has to become a habit. But here’s the good news: Studies show that it only takes an average of 66 days to form a habit. A little over two months. With these easy ways to track your monthly expenses,...

Understanding Carbon Accounting

Also known as greenhouse gas (GHG) accounting, carbon accounting is a way for managers and analysts to measure a company's total carbon emissions. It's a comprehensive approach to analyze how a company uses energy for its buildings, offices, conveyances and...

Tax Fact: What if I Can’t Pay?

We all should be getting our taxes done and there are many who may already have their taxes finished. There are also some of us that may owe the IRS money and maybe thinking......WHAT IF I CAN'T PAY WHAT I OWE?? Not being able to pay the federal income tax you owe can...

Energy Tax Credit Changes For 2025

The coming shakeup of the executive branch, along with Republican control of both houses of Congress, means tax changes are highly likely in 2025 and beyond. Positioning for new and amended tax provisions is already off to the races.Regardless of the political...

Cryptocurrency

Interested in Cryptocurrency? Heard of it but don’t know where to begin or how it might affect you? Cryptocurrency or crypto is probably something everyone is vaguely familiar with. At least most media outlets have discussed the terms along with the big businesses...

Tax Fact: Money Facts

Money is always on our minds. It is either, I need to work to get money or I need money to pay bills, buy food, clothing, and housing. So let's learn so interesting money facts..... 1- In 1920, credit cards were first used in the United States2- There are more than...

Tax Fact: S-Corp or LLC?

Question... Should I have an S-Corp or should I have a Single Member LLC? Limited liability companies(LLC) and S corporations share several benefits for sole proprietors, including protecting personal assets from business creditors. Choosing between a single-member...

What’s coming in 2025

Somehow, another year has come and is almost gone! Throughout the year, we’ve discussed the tax changes and how they can or will affect you. As you know, several changes happen every year, and with new government officials, 2025 is nothing different. We’ll brush over...

7 Ways to Start 2025 with Fresh Finances

Here we are in yet another new year. The obligations and celebrations are over. Chances are, you’ve spent a fair amount over the holidays and might need a plan to help kickstart 2025 with some actionable financial goals. Here are a few ideas.Create a BudgetThis...