Debunking COVID-19 stimulus check myths

This is part three in a three-part series.

Click here to view Part 1.

Click here to view Part 2.

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.