Due to the ongoing coronavirus pandemic, in 2020 the US government sent out two economic stimulus payments to eligible Americans. These stimulus payments have a lot of people asking how the stimulus payments will affect their 2020 tax returns and refunds.

If you received either one or both of the economic stimulus payments in 2020 you will have to include that information when you file your taxes.

Will the stimulus checks decrease my tax refunds?

The short answer is no, your tax refunds will not be decreased if you received a coronavirus economic stimulus check.

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If I didn’t get any stimulus checks, will I be able to get that money on my tax refund?

If you did not receive a direct payment or mailed stimulus check, but you were eligible for the payments, you will receive that money in your tax refund if you are eligible for one. If you owe money on your taxes for 2020, your tax burden will be reduced by the amount of stimulus money that you are eligible for.

Need help with your 2020 tax returns?

Contact STL Tax today at (314) 645-1614 or book an appointment with a St. Louis tax prep expert!