Coronavirus Relief is Tax-Free


With all of the confusion we are dealing with on a daily basis, and economic relief being provided, many are wondering how this may affect their Tax Return for next year. What Taxpayers are being given is tax-free. On March 13, the President declared a National Emergency because of the spread of COVID-19. Any payments given that relate to that emergency will be tax free. Much of that will come from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

          This does not allow for a person to receive 2 forms of payment for the same disaster relief. There can be no double dipping. If you are receiving income from Unemployment, that is taxable.

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