- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hi Patty. I would classify that as an opinion. I have seen it. I am saying I read up on the GWE after seeing that and reading the Journal of Accountancy article (and others). The article you reference does not refer to a cash payment to spend on whatever, but payments toward housing, subsistence, etc. They are mainly in disaster zones.
That info below is also not complete when referencing requirements for the GWE. It omits the part where "grants received under social welfare programs that [do] not require recipients to establish individual need do not qualify under the general welfare exclusion. Bailey v. Commissioner, 88 T.C. ...." Found that on p. 3 of Rev Proc 2014-35.
Based on what I have read so far, it doesn't seem to qualify for an exclusion. Maybe the IRS speaks up, maybe the Feds just decide to be nice and not tax it, but I have found nothing federally that addresses the state stimulus payments. Based on Federal law, the payments don't seem to pass muster with the GWE.