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Cassandra, Tax Preparer
Category: Tax
Satisfied Customers: 306
Experience:  8yrs experience in taxation for individuals. CTEC Registered and an Authorized E-filer with the IRS
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Does gift money from parents count as income for stimulus

Customer Question

does gift money from parents count as income for stimulus eligability
Submitted: 9 years ago.
Category: Tax
Expert:  Cassandra replied 9 years ago.

HelloCustomerand welcome to just answer.

No a gift does not count as income and would not count toward the stimulus payment. In order to qualify for the stimulus payment you need social security income or earned income of at least $3,000. Now if you were self employed, say you mowed yards and earned at least $3,000 after expenses, then you would be eligible. But then you would have to pay for self employment taxes and federal taxes as well, which would cost you more than the stimulus payment.

I am sorry if this is not the answer you were hoping for.