The government began issuing the one-time payments this week, and some of you may have been checking your statements this morning and have noticed that they have already been deposited electronically into your account. Most adults who earned up to $75,000 will see a $1,200 payout, while married couples who made up to $150,000 can expect to get $2,400. Parents will get payments of $500 per child. The checks will be directly deposited into bank accounts or mailed to households, depending on how you’ve filed your tax returns in the past.

According to Patricia McLaughlin, the Treasury Spokeswoman, “This is not an advance and there is absolutely no obligation to pay it back.” To clear up some speculation and answer questions that we have been receiving – no, you will not have to pay back the stimulus check you receive. According to the U.S. Treasury Department and Internal Revenue Service, which are working to deliver the money to people, they have confirmed to that households will not have to pay back the money in next year’s tax filing.

If you have not filed a 2018 or 2019 federal income tax return, or you did file and want to track your payment status, the IRS has launched the website below to fast-track payment, track your payment, or indicate whether you prefer direct deposit or check.

Economic Impact Payments: https://www.irs.gov/coronavirus/economic-impact-payments

Zach Hale

Financial Advisor

Email: zhale@brightonsecurities.com

Direct: 585.344.1850