With stimulus checks beginning to hit millions of Americans bank accounts, many are wondering if they’ll have to re-pay the money after videos and online reports recently circulated claiming so.
However, those claims are not true and you will not have to pay the money back, according to the Internal Revenue Service (IRS).
“This is not an advance and there is absolutely no obligation to pay it back,” confirmed Treasury spokeswoman Patricia McLaughlin said in an email.
The confusion on social media appears to have come from the language in the economic rescue bill that readers to the check as an “advance refund” because the money is being distributed in the 2020 tax year.
The 2020 tax form has not been printed but the relief checks will not have any bearing on your income deductions next year, said Eric Smith, a spokesman for the IRS.
Darlene Johnson, co-owner of Elite Business Experts in Lamar County, also confirmed to myparistexas.com that Americans won’t have to pay the money back.
“That’s correct, you won’t have to pay it back,” she said. “The U.S. Treasury Department and IRS, which are working to deliver the money to people, confirmed to The Associated Press that households will not have to pay back the stimulus money in next year’s tax filing.”
The government began issuing the one-time payments this week. Most adults who earned up to $75,000 will get a $1,200 payout, while married couples who made up to $150,000 can expect to get $2,400. Additionally, parents will get payments of $500 per child. The one-time cash payments are meant to relieve some of the financial strain caused by the coronavirus pandemic.
Wondering where your stimulus check is?
The Treasury Department and Internal Revenue Service announced Friday it will launch a tool this week allowing Americans to register and track their stimulus checks. The tool is expected to be available around April 15.
For more information on tracking your stimulus check, click here