Here are 5 things to know about the COVID-19 stimulus payments:
Another thing to keep in mind: while the stimulus checks are technically a tax credit you’re being paid in 2020. If you miraculously makemoney this year and end up in the phase-out category, it appears you won’t have to return the money to the government. Stimulus checks will be direct deposited into the bank account listed on 2019 tax returns . If no bank account is listed on either return, the IRS will send a physical check to your most recent address on file.
By law, the Treasury must send a notice of payment, by mail, to your last known address. The notice will include a phone number at the IRS to contact if you didn’t receive the payment. This could be helpful for individuals who live at the same address listed on their last tax return but have new banking information and don’t update it in the promised IRS portal.
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