Are Stimulus Checks Taxable?

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Over the past year, most Americans either have already received or are in line to receive a total of two COVID-19 stimulus checks. For those who were eligible, the first was worth up to $1,200 per adult and $500 per dependent, and the second was worth up to $600 for each adult and dependent. 

If you received these funds, you may be confused about how the payments will affect you when you file your taxes. Specifically, you may be wondering if you are required to pay taxes on the stimulus money and, if so, whether you’d be taxed on the money as ordinary income or capital gains

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