KNOW YOUR STIMULUS CHECK RIGHTS
August 19, 2020 - Douglas Myser
Know your stimulus check rights. As talk of a second stimulus heats up, some still find themselves waiting for their first payment under the CARES Act, which passed in March and allotted up to $1200 per person and $6000 for families. If this describes your current situation, read on--this will help you find your payment schedule and calculate how much you might be due . And if you think you haven't yet received your payment because the letter has been lost or stolen, follow these steps to let the IRS know that the payment is missing. The payment is not taxable: You won't have to pay taxes next year on a stimulus payment you receive from the IRS in 2020. The IRS does not consider it income, and a payment you get in 2020 will not reduce your refund or increase the amount you owe when you file your tax return next year. Since the stimulus check is not taxable income, you are not required to hand it over to facilities like nursing homes, or landlords. You can spend the stimulus money just like cash: if you receive your payment on one of the prepaid debit cards, you can transfer the entire amount to your own account. The one limitation is, the IRS will reduce your payment to offset past due child support. Know your stimulus check rights.
As the U.S. economy continues to weaken because of the coronavirus pandemic, the pressure is building in Washington to approve another round of aid for individuals and families. The House of Representatives has already passed a second stimulus package, and the Senate is underway with one of its own, making a final decision sometime in the month of August. The bulk of the first round of stimulus checks have been mailed out. While the IRS hasn't responded to requests for current numbers, as of the beginning of June, the IRS has made about 160 million payments through direct deposit to bank accounts, through the mail as paper checks and in the mail as prepaid debit cards. You can use the IRS Get My Payment service to see a schedule for your payment. The U.S. Postal Service also has a free service that can notify you when your check will arrive in the mail. Know your stimulus check rights
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