I received 1099-INT form for the whole check of 282. I looked online for answers. It just said the checks aren’t taxable. If the interest they gave me for it being late is taxable ok, but not the whole amount?
Stimulus Payments: The stimulus payments themselves are not taxable. They are considered a Recovery Rebate Credit and do not count as income.
Interest on Late Payments: Any interest payment from the IRS is taxable income for the year you receive it. If the IRS pays you interest of at least $10, it will send you a Form 1099-INT reporting the interest in January of the following year. This interest must be included in your taxable income.
Stimulus Payments: The stimulus payments themselves are not taxable. They are considered a Recovery Rebate Credit and do not count as income.
Interest on Late Payments: Any interest payment from the IRS is taxable income for the year you receive it. If the IRS pays you interest of at least $10, it will send you a Form 1099-INT reporting the interest in January of the following year. This interest must be included in your taxable income.