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Americans are eagerly anticipating economic stimulus payments from the federal government, which they are set to begin receiving as early as next week.
The short answer is no, you will not owe income taxes on the cash and do not need to include it as part of your taxable income on your 2020 return.
Therefore, it also will not affect the size of your refund.
The payment is technically being structured as an advance on a temporary, refundable tax credit.
Additionally, if you make more money in 2020, you…