Will You Have to Pay Taxes on Your Coronavirus Stimulus Payment?

Coronavirus stimulus payments have already begun hitting bank accounts, and more Americans will soon see direct deposits or checks arriving in the mail.

These payments, authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, are worth as much as $1,200 for each adult plus an additional $500 per dependent child. Although the amount you'll get goes down by $5 for each $100 you make over $75,000 as a single filer or $150,000 as a married joint filer, the majority of Americans will get a substantial sum of money from the government.

When you get this money, you'll notice there are no taxes withheld from it. And if you're used to being taxed on all the income you earn, you may be wondering if you'll have to eventually pay taxes on your coronavirus stimulus funds.