WASHINGTON – The checks are coming.
One-time payments of up to $1,200 should start going out in the next three weeks to most Americans who file individual tax returns, Treasury Secretary Steven Mnuchin says. Those who file joint tax returns will get up to $2,400.
The payments are part of a $2 trillion recovery package negotiated by the White House and congressional leaders to help Americans – and the economy – bounce back from the economic fallout of the coronavirus pandemic. The Senate passed the package Wednesday and the House is expected to approve it Friday.
The payments will be sent via direct deposit to Americans who already have provided the Internal Revenue Service with their bank account information. For those who haven’t, the checks will be mailed.
From Forbes.com: Owing the government money is never fun. Usually, the government will come after your tax refund to offset money you owe. That might have you thinking your stimulus check might be up for grabs as well if you’ve got a tax debt to Uncle Sam.
The good news is, stimulus checks likely won’t be seized to pay a tax debt. The only time they will be withheld is when an individual owes child support money.
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