My brother got his check yesterday. A bunch of his friends had as well.
I went to the IRS website and used the "Get Payment" button. After verifying my identity I was told I needed to add my bank details in order to get a direct deposit. My situation is that I got a refund for 2018 and owed money for 2019.
I also got the $1,200 check from the IRS today. Regarding this check, do you know if it has already been taxed and therefore can be entirely used to my discretion or should I set some money aside in case I have to pay back taxes in the future?
Also will I have to report the $1,200 check as part of my annual income when I file my taxes in 2021?
I realize you're not an accountant, but I think this is one area that the CARES Act didn't fully explain based on the initial reports I've read and I feel like it could be helpful for other readers too.
My brother got his check yesterday. A bunch of his friends had as well.
I went to the IRS website and used the "Get Payment" button. After verifying my identity I was told I needed to add my bank details in order to get a direct deposit. My situation is that I got a refund for 2018 and owed money for 2019.
Hi Isaac,
I also got the $1,200 check from the IRS today. Regarding this check, do you know if it has already been taxed and therefore can be entirely used to my discretion or should I set some money aside in case I have to pay back taxes in the future?
Also will I have to report the $1,200 check as part of my annual income when I file my taxes in 2021?
I realize you're not an accountant, but I think this is one area that the CARES Act didn't fully explain based on the initial reports I've read and I feel like it could be helpful for other readers too.
Thanks as always!