Fact or Fiction: Do you have to pay back the stimulus check next tax season?
CHARLESTON, S.C. (WCSC) - As many as 130 million Americans may receive a stimulus check from the federal government.
The goal is to help people during the coronavirus pandemic and boost the economy.
But will you have to pay that money back?
The short answer is no.
The IRS website says,"there is no provision in the law requiring a repayment of a payment."
Ever since the stimulus checks were announced, there's been rumors that we'd have to pay them back on next year's taxes or deduct the approximately $1,200 per qualifying adult from whatever tax return we were supposed to get next year.
But the IRS spells it out in its Frequently Asked Questions section.
"The Payment is not includible in your gross income... It will not reduce your refund or increase the amount you owe when you file your 2020 Federal income tax return."
It is important to be on high alert for scams related to your stimulus check.
Phone calls from the IRS claiming you have to pay it back?
Perhaps a second magical check showing up in the mail, or an email asking for your personal information so the feds can send you more money.
Don't fall for it.
The IRS says it will not call , text you, email you or contact you on social media.
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