The stimulus checks being sent out by the federal government to jump-start the economy during the pandemic are making their way into the hands of many needy individuals right now. However, there are a few common questions that some individuals are still asking.
Do You Have to Pay Income Taxes on the Stimulus Payment?
The answer is no. You do not have to pay taxes on the stimulus payment, regardless of whether you receive the full amount or just part of it.
What if You Have Defaulted on a Student Loan?
If you are a student who defaulted on a loan, and your income tax refunds are being garnished as a result, then you may be worried that the stimulus payment will be as well. However, one thing has nothing to do with the other. Your tax refund for this year might still be garnished if you agreed to that previously with the IRS. However, you will get the full amount of the stimulus check.
If the Payment Does Not Come Quickly, How Can You Track It?
If you are not among those who get the payments quickly, then you might want to track yours to see what the status of it is. Apparently, there will be a way to do that. The federal government is going to release an online tool that will allow you to do so. However, as of this writing, that tool was not operational yet.
What if You Are a US Citizen Living Abroad?
If you are a US citizen, and you are living abroad at the moment, then you’re probably wondering about whether you are eligible for a stimulus check. You are. All you need is to have been issued a social security number and to meet the income requirements like everyone else.
What if You are Receiving Disability Payments or Social Security?
For the most part, you will still be eligible for a stimulus check if you are receiving social security payments, disability payments, or both. There are a few exceptions. If you are one of those exempted, then you will receive notification of why that is the case.
What if You Didn’t File Your 2018 or 2019 Income Taxes?
There are some individuals who were not required to file a federal tax return in 2018 or 2019. The most common reason is if you made less than $12,200 during either one of those years, or $24,400 if you’re married and filed jointly. You did not legally have to file for income tax if this describes your situation, but you should still be eligible for a stimulus check.
To find out how to get one, head to the IRS website. There, you’ll see a form that instructs you to give your bank account information and routing number. If you do not have one, then you should still get the payment. However, it will arrive in the mail, so it may be multiple months before you see it.
