The big question right now will I have to pay stimulus money back? No. The stimulus checks “are considered an advance refund of a 2020 tax credit, not a loan. It’s a sum of money the feds are crediting to taxpayers for next tax season — except they are paying it right now because millions need it right now. If I owe taxes does my stimulus money get applied to my bill? No, the IRS won’t automatically shave off your stimulus money to pay down your tax bill. There’s one exception. If you are behind on child support, the IRS says it will offset the stimulus check amount by the past-due child support amount.
Will my stimulus payment reduce the tax refund I would normally get? Again, no. The IRS says you’re going to get the refund you qualify for, and this check.
Is my stimulus check taxable income? No. The IRS says the payment is not income and you will not owe tax on your payment, adding that the money also “will not affect your income for purposes of determining eligibility for federal government assistance or benefit programs.
I made too much money in 2018 and 2019, so I won’t be getting any stimulus money, right? Here’s where it’s important to remember the stimulus money is, technically speaking, a tax credit for the 2020 tax season. If someone didn’t qualify for the payment now, they may still be eligible for the payment during the 2020 tax season, which happens in 2021, so long as they make below the income limits. For more information go to IRS.gov.
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