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 think the reason the IRS didn't send out the check was that I owed taxes for 2019 and didn't get a refund (I paid my taxes right before all this went down in March). It seems that may be a factor in being able to send the check through direct deposit. I expect that I will get the check at the beginning of next week.
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.
If you owe money for 2019, things may get a little complicated. But again, would definitely consult an accountant!
I think the reason the IRS didn't send out the check was that I owed taxes for 2019 and didn't get a refund (I paid my taxes right before all this went down in March). It seems that may be a factor in being able to send the check through direct deposit. I expect that I will get the check at the beginning of next week.
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!
Hey Brandon! No, you do not. Even if you get more than you were supposed to! Here is a good article from Business Insider about it: https://www.businessinsider.com/personal-finance/will-we-have-to-pay-back-stimulus-check-2020-4
Awesome, thank you for your help!
From what I have heard the stimulus check is not taxable for 2020. I also did a quick google check and found the same information on Forbes.com