Is the stimulus money taxable? When will I receive mine? We got the Internal Revenue Service to answer some basic questions.
The U.S. government has distributed millions of economic impact payments and more are on their way, but many Americans have run into some hiccups, while others say finding answers to their questions has proven difficult.
Raphael Tulino with the Internal Revenue Service joined Eyewitness News to provide some basic information to know when it comes to those checks.
What do people do if they receive a check that's addressed to somebody who is now deceased?
It should be returned, per the guidance that was issued by the Treasury and the IRS... We are very aware that there are many questions that people have and we have answers that are coming but unfortunately, it's a little slower than people would like.
If that money showed up in someone's account and they might have spent it, what would the penalty be if somebody didn't return it?
At this point, I have no guidance and no answer for that. That will come soon.
What should people do if they get a call from the IRS. What about a text message or an email?
Really, under no circumstances is the IRS going to call you out of the blue, demanding immediate tax payment or anything related to this economic impact payment... We are not calling you about your economic impact payment. That's a scammer, for the most part... In this case, these payments are a way that scammers can use (the) IRS as a lure but no random, uninitiated emails and certainly no random, threatening phone calls.
Is the stimulus check money taxable?
No. You don't have to include that on your federal return when you file next year in 2021 for the 2020 tax year. However, some people will find that, based on their facts and circumstances, they have to claim or readjust because they didn't get the full amount, and you'll do that when you file your return.