A WARNING ABOUT THE $1200 STIMULUS CHECK | Summary and Q&A

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March 28, 2020
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Ryan Scribner
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A WARNING ABOUT THE $1200 STIMULUS CHECK

TL;DR

The $1200 stimulus check does not have to be taxed, eligibility is determined by your most recent tax filing, and the payment will be sent via direct deposit or by mail based on your previous tax return information.

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Questions & Answers

Q: Do I have to pay taxes on the stimulus check?

No, the stimulus check is considered a recovery rebate and is not subject to taxes. However, you may need to include it in your tax return for 2020 to ensure you received the correct credit.

Q: How do they determine eligibility for the stimulus check?

Eligibility is determined based on your most recent tax filing, either 2018 or 2019. If you haven't filed your taxes yet, you can choose the year with the lesser earnings to maximize your payment.

Q: How will I receive the stimulus check?

The payment will be sent through direct deposit or by mail based on the payment preference you provided in your most recent tax return. If your address has changed, you need to update it with the IRS using Form 8822 or by filing your 2019 taxes.

Q: What if my income in 2020 affects my eligibility?

If your 2020 income pushes you above the credit you were supposed to receive, you may need to pay back a portion of the stimulus check. However, the exact details are currently unknown.

Summary & Key Takeaways

  • A $2 trillion stimulus bill has been passed, which includes direct payments to Americans within three weeks.

  • The stimulus check amount is up to $1200 for single filers, $2400 for married filers, and $500 per dependent.

  • The eligibility for the stimulus check is based on your most recent tax filing, either 2018 or 2019, and the payment will be sent through direct deposit or by mail.

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