Stimulus checks are beginning to be dispersed in millions of Americans bank accounts and many are wondering if they’ll have to re-pay the money with next years tax return after seeing false video claims circulating online.
Well those claims are not true and you will not have to pay the money back, according to the Internal Revenue Service.
Treasury spokeswoman Patricia McLaughlin confirmed in an email that “This is not an advance and there is absolutely no obligation to pay it back”.
The government began issuing the one-time payments this week.
Adults who earned up to $75,000 will get a $1,200 payout and married couples who made up to $150,000 will receive $2,400.
Additionally you will receive $500 per child, up to two children.
The confusion on social media appears to have come from the language in the economic rescue bill that readers mistook as an “advance refund” because the money is being distributed during the 2020 tax season.
IRS spokesman Eric Smith said The 2020 tax form has not been printed but the relief checks will not have any effects on your income deductions next year.
“The U.S. Treasury Department and IRS, which are working to deliver the money to people, confirmed to The Associated Press that households will not have to pay back the stimulus money in next year’s tax filing.”
