The stimulus check deadline to file your taxes is just under a month and a half away. Tax professionals all across the state are busy helping people meet the deadline.
“It’s not a perfect world with the IRS. They are a large vessel,” Sam Noshirvan, a tax associate with Timberline Tax Group said.
Noshirvan helped clear up some confusion about stimulus checks and child tax credits when it comes to filing your taxes after FOX31 and Channel 2 received some questions from viewers.
“None of this should be taxable. This is all part of the Cares Act, this is all part of the multiple negations Congress had and passed into law,” Noshirvan said.
He explained that both government payments are advances that can be used as a reduction or credit if you have a tax balance. If you don’t have a tax balance, it’ll become a refund.
For example, families across the country only received 50% of the child tax credit back in June of 2021. He said once your taxes are filed the remaining 50% will be applied as either a credit for what you have due or become a refund.
Norshirvan Talks About The Stimulus Checks
“They would virtually qualify for the remaining 50% when they file their return. For most people essentially this is a refund,” Noshirvan said.
Stimulus checks are in the same boat. Noshirvan said if you were to get one out of two of your installments of stimulus money, you would then still qualify for a credit on the remaining installment you didn’t get.
“If you were supposed to get $2,400 in two installments the other $1,200 you didn’t receive would serve as a credit,” Noshirvan said.
He said it’s important to include if you have any missing stimulus payments whether you are filing taxes with a certified public accountant or doing them yourself.
“The IRS should have it on there but you always want to do your own do diligence,” Noshirvan said.
If you didn’t receive any stimulus payments and believe you are qualified to he said check the IRS website.