Last week, the IRS started directly depositing the COVID-19 stimulus relief checks into taxpayers’ accounts.
This is part three in a three-part series.
Last week, the IRS started directly depositing the COVID-19 stimulus relief checks into taxpayers’ accounts.
CNBC states the checks are worth $1,200 for individuals earning up to $75,000 and $2,400 for couples earning up to $150,000, plus $500 for dependents under 17.
Additionally, CNBC debunks some myths and common misconceptions about the stimulus check in this article. Below are the answers to a few common questions:
- The stimulus checks are NOT taxable income. Instead, they are structured as refundable tax credits. You also don’t have to pay it back next tax season.
- It should take a few weeks at most to receive your check, as long as the IRS has your direct deposit banking information.
- Even if you haven’t filed your 2019 taxes, you’ll still receive a check (provided that you’re eligible.)
For more information, visit the Department of Treasury’s website.
You can also contact AmFirst by visiting this link.
