No, you don’t have to pay back coronavirus stimulus money. Other myths debunked, too
The Treasury Department announced on Monday that more than 80 million Americans can expect to receive their coronavirus stimulus payment by this week.
Individuals earning up to $75,000 will get $1,200, married couples earning up to $150,000 will get $2,400 plus $500 for dependents under the age of 17, according to The New York Times.
If you still have questions about your stimulus check, here are some myths debunked.
Do I have to pay the stimulus money back next year?
No. The Treasury Department and the Internal Revenue Service confirmed to The Associated Press that the check won’t have to be paid back in next year’s filing.
“This is not an advance and there is absolutely no obligation to pay it back,” Treasury spokeswoman Patricia McLaughlin said in an email to the AP.
The checks are based on your 2018 or 2019 tax returns and are credits for 2020’s taxes, according to the Tax Foundation. If you make less income in 2020, you would be eligible to get a larger credit next year to make up the difference.
Are the stimulus checks taxable?
No. Your stimulus money is tax free, according to Forbes.
Am I eligible if I’m on Social Security?
Yes, as long as you meet the income eligibility requirements. People who receive Social Security retirement, disability (SSDI), survivor, or Railroad Retirement benefits will get their stimulus checks automatically without having to do anything else, according to the IRS.
Do I have to pay some back if the IRS overpays me?
No, the IRS won’t send you an overpayment and ask for money back. In fact, it might be a scam. The Federal Trade Commission has warned of fake check scams.
“If you get an official-looking check for more than what you were expecting — say, for $3,000 — the next call you’re likely to get is from a scammer,” the FTC wrote. “They’ll tell you to keep your $1,200 payment, and return the rest by sending cash, gift cards, or money transfers. It’s a scam that will leave you owing money to your bank.”
Do I have to apply to get a stimulus check?
It depends. If you filed a 2018 or 2019 tax return, you’ll get a stimulus check automatically, according to the IRS.
For people who don’t typically file an income tax return, you can go to IRS.gov to provide information to the IRS to get your payment by selecting “Non-Filers: Enter Payment Info Here.”
Will I get a check if I haven’t filed my 2019 taxes?
Yes. The IRS will use your 2018 tax return to determine your credit if you haven’t filed taxes yet for 2019.
This story was originally published April 15, 2020 at 11:08 AM with the headline "No, you don’t have to pay back coronavirus stimulus money. Other myths debunked, too."