Do you have to return the money from the stimulus check to the IRS? This is what you should know

Do you have to return the money from the stimulus check to the IRS?  This is what you should know

We’ll help you understand if this situation applies to you, for any of the three stimulus checks you received in the past year. For example, with the first stimulus check, the IRS accidentally sent out payments to people who weren’t eligible. If you received a check in error, there are specific ways to send the money back, depending on the payment method used — paper check, EIP card or direct deposit. Stimulus checks continue to arrive for millions of people, and so are plus-up payments (here’s how to track your money). But for some households, the pay day of up to $1,400 per person is a double-edged sword. In some instances, it may be that you received stimulus money you weren’t actually qualified for, that puts you in the difficult situation where the IRS expects you to send back part of your payment (the same will apply to the child tax credit, too). 

Read on for details to know. For more information, here are new ways to save on health care costs, and what we know about student loan debt forgiveness. Brush up on the situation with a fourth stimulus check, and educate yourself on all the confusing child tax credit rules, including how much money you could get. This story has been updated. Now playing:
Watch this:

However, if you made more in 2020 than you did in 2019, but you get a stimulus check before you file your taxes, you won’t be expected to return that money. You can use our third stimulus check calculator to estimate how much you’ll get. Stimulus check 3: How much money you’ll get

The income cutoff to receive a third stimulus check is $80,000 for an individual taxpayer, $120,000 for a head of household and $160,000 for a married couple that files jointly. If you make more than that amount and still got a payment, the IRS will likely expect you to return all or some of it.  What if you got more stimulus money than you qualify for with the $1,400 check?

Why you might need to return some or all of your stimulus payment 2:32

Here’s more information about who didn’t qualify for the $600 stimulus check. You received a check for someone who has died — but there’s some nuance here (more below).You don’t have a Social Security number.You’re considered a “nonresident alien” without a US citizen spouse. You’re a noncitizen who files federal taxes.Your adjusted gross income exceeds the limit; for example, $87,000 for a single taxpayer with the second check.You’re claimed as a dependent on someone else’s taxes (this applies to the first and second checks).You received the same payment round twice. The government determines who is and isn’t eligible to receive a stimulus check based on several factors. If you fall into any of these categories and received a stimulus check, it was likely by error:

News Highlights Business

  • Do you have to return the money from the stimulus check to the IRS? This is what you should know
  • Check all news and articles from the Business news updates.
Disclaimer: If you need to update/edit/remove this news or article then please contact our support team.
For Latest Updates Follow us on Google News
Bollyinside - US Local News & Breaking News Stories
Compare items
  • Total (0)