If you checked your bank accounts this week, you may find stimulus money waiting for you if you used direct deposit to file your 2019 taxes.
An estimated 80 million Americans are expected to get their COVID-19 stimulus money as of Wednesday. But you may still be wondering when your checks are coming and where they'll go.
What if the IRS doesn't have my direct deposit information on file?
You'll be getting a check in the mail, it's just going to take longer.
The IRS will start mailing paper checks May 4, with lower-income Americans receiving their payments first. Higher-income earners could take several more months.
Will I have to claim the money as income and pay taxes on it in 2020?
No. This is tax-free money meant to help people during the economic downturn because to the coronavirus. But spend it wisely.
Is this an advance on my 2020 refund, or will I have to pay it back?
This is a tax credit applied in addition to 2020 tax returns, but advanced to taxpayers using their 2018 or 2019 income.
What if you owe back taxes?
You still owe taxes from those previous years, but the IRS will not garnish the stimulus money to cover back taxes.
They will take away funds if you owe back child support.
What should I spend the money on?
There are no restrictions, but financial advisers recommend using the money for bare necessities or save it.
With the future of COVID-19 uncertain, it might come in handy down the road.
Text CHECKS to 515-457-1026 for step-by-step instructions on how to track your stimulus checks.