No, you don’t have to pay the government back for your stimulus check
CINCINNATI (FOX19) - You’ve got to be careful about what you hear online these days — especially when it comes to the stimulus checks.
The checks are part of the CARES Act, a historic, multi-trillion effort to stabilize the economy during the COVID-19 pandemic.
The IRS says the checks will be either direct-deposited into your account this week or sent in paper form sometime in the next month.
Right now there’s a rumor going around social media that recipients of the checks must pay the government back.
The Treasury Department has reportedly responded, saying there are no strings attached to the money.
Forbes quotes a Treasury Department spokesperson: “This is not an advance and there is absolutely no obligation to pay it back.”
FOX19 NOW spoke to Garrett Watson, a senior analyst at the Tax Foundation, an Independent tax policy group.
“The recovery rebates are refundable tax credits applied to taxpayer’s 2020 income tax returns," Watson explained, "meaning the rebate is additional money that the IRS is giving to people.
"The rebates are not an advance of a refund a taxpayer would have gotten otherwise.”
In other words, enjoy your stimulus.
Copyright 2020 WXIX. All rights reserved.