According to the U.S. Treasury, nearly 100 million Americans are eligible for a federal stimulus check worth $600 to $1,200 based on what they paid in Social Security and Medicare taxes during2022. But there’s more than one type of stimulus check and it’s not as simple as just signing up and getting your money – especially if you want to keep it all.
Here’s a hint: You may have to pay Uncle Sam back.
In case you were wondering, the IRS isn’t going to let you keep your stimulus check or any other tax refund money just because you’re making less than $200,000 in income. That’s because they want to make sure that the money is going toward the right people. If you do earn more than $200,000 and receive a stimulus payment, those funds will be taken out of your next tax return as part of what’s called an “additional child credit repayment.”
Stimulus Check Letter Can Bring Money
- The IRS stimulus check is a one-time payment. If you haven’t filed taxes in the past, this isn’t for you.
- The IRS stimulus check is only available to people who filed taxes in the past.
- The IRS stimulus check is not a tax refund. It’s money that was already owed to you from your previous year’s filing, but it arrived much earlier than usual because of the stimulus plan.
- The IRS stimulus check is not a credit or rebate on your tax bill—it’s just a calculation error corrected by an extra payment from Uncle Sam.
If you have questions about your IRS stimulus check, consult with a tax professional or call the IRS at (800) 829-1040.
