Table of Contents
Do I Get a IRS Stimulus Check if I Owe Taxes?
The answer is yes. You will still get a stimulus check if you owe taxes. The IRS will not offset any unpaid taxes against the stimulus provided by the government.
The IRS states there is just one reason why an eligible taxpayer may not receive their stimulus check: owed child support.
If you need to pay child support and the deadline has elapsed, the Bureau of Fiscal Service will let you know. The amount of past-due child support will be taken off the stimulus check.
The IRS will determine whether you are eligible to receive a stimulus payment when you file your 2020 or 2021 taxes.
Finally, if you receive a stimulus payment based on the income stated on your 2019 tax return, but your 2020 income is higher, which would ordinarily impact your eligibility, you will not be required to give it back in 2021.
Do I Have to Pay Taxes on My Stimulus Check?
The answer is no. The Government coronavirus stimulus checks do not count as taxable income. It will have no impact on the size of your tax refund or how much you owe in taxes when you file your tax return in 2021
The stimulus payment counts as a type of refundable tax credit. This means even if you do not ordinarily owe anything in Federal taxes you will still receive your money.
How Much Stimulus Money Will I Receive?
In a normal year, any money from tax credits is provided when you file your Federal tax return. Due to the far-reaching effects of the global pandemic, the government is allowing you to get a tax credit now in the form of a stimulus check.
This is the only tax credit you can receive immediately. But not everyone will be eligible to receive the full amount.
To be eligible for the credit, individuals must have an adjusted gross income of $75,000 or lower, and for married couples filing jointly it is $150,000 or under.
If individuals earn more than $75,000 but under $99,000, or more than $150,000 but less than $198,000 for married couples filing jointly, they will receive a reduced stimulus payment.
Anyone who was eligible to receive the first stimulus payment received $500 per qualifying child. For the second stimulus payment this has been upped to $600 per qualifying child.
Can Stimulus Checks Be Used to Pay Unpaid Taxes?
Yes, there are no restrictions on what you can use your stimulus payments for.
However, tax experts say it may not be the most prudent use of your stimulus money. The IRS has provided a three-month extension this year for taxpayers to file and pay their taxes.
How Can I Find Out Where My Stimulus Payment Is?
Millions of Americans have already had their stimulus payments processed and sent via direct deposit. The IRS will use the payment option you selected for tax refunds when you file your 2019 or 2020 tax return.
So, if you selected ‘direct deposit’ the money will be placed directly into your bank account. Otherwise, you will receive a paper check 15 days after your stimulus payment has been processed.
To find out where your stimulus payment is, you can visit the IRS website and use the Get My Payment tool. Data is updated once per day overnight, so you can keep checking back to find out about the status of your check.
The IRS will also send you a receipt to your last known address. Taxpayers do not have to do anything to receive their stimulus payment if they are eligible.