The federal stimulus payments are already hitting bank accounts through direct deposit.
Tax experts say people don’t have to pay income taxes on the money.
UW-Green Bay Associate Accounting Professor Jim Loebl says it’s considered a rebate, and generally, rebates aren’t taxable. If people go to Menard’s and get an 11 percent rebate, they don’t have to report that as income.
Debbie Woosencraft of Precision Tax Solution in Green Bay says in the past, they had to check a box on tax returns, and refunds were adjusted.
The IRS is confirming the money doesn’t need to be included in next year’s tax filings.
