The United States Treasury Department has begun depositing stimulus payments this week, with most working adults who earned $75,000 yearly, receiving the base amount of $1,200 payout. Married couples who’ve made $150,000 can expect to get $2,400 and parents will receive an additional $500 per child.
Depending on how you filed your taxes, payments will either mailed to the address on file in the IRS office or directly deposited with the banking information on file.
Social media memes and posts have made false claims that the stimulus payments were actually a loan that you’ll eventually have to pay it back.
A video with hundreds of thousands of views across social media says, “Next year, you’re automatically going to owe $1,200 come tax season.”
However, the United States Treasury Department and the IRS have confirmed to The Associated Press that the social media claims are indeed false and that households will not have to pay back the money.
” This is not an advance, and there is absolutely no obligation to pay it back,” Treasury spokeswoman Patricia McLaughlin said in an email to the AP.
The false claims stem from language within the economic rescue bill that calls the checks an “advance refund.”
But, AP reports that tax forms for next year have not been printed, and the IRS said the stimulus package wouldn’t have any impact on deductions come 2020 tax filings.
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