Do I have to pay back my $1,200 stimulus check? The Truth

So in this video, I’m going to answer the question, do you have to pay back your stimulus check of $1200 or will it affect my 2020 taxes

BREAKING: Do I have to pay back my $1,200 stimulus check? The Truth

Segway:
– My mom wakes up every day with some different news she says on Facebook or WhatsApp.
– Saying you’ll have to pay the check or 5g is messing up the world
– I like facts so I got the facts and that’s what I’m bringing you guys

1. Do I have to pay it back ( paul told me yes) well here is what the official irs.gov website said, based on government legislation
– The truth is you do not
– Its call an economic impact payment, not an impact loan
– And not just that but you won’t have to pay extra money come 2020 taxes because of it

Another thing is this:
Notice how business had to apply because some of these were loans that they needed to agree too
– But for stimulus checks everyone got it, whether they like or not, if it was a loan, there would be some form of application

Why do people say yes?
– The confusion comes from the stimulus check being a tax credit for 2020
– So people think that they’ll have to pay it back or they’ll pay more in taxes
– But the IRS did say, this will not affect your 2020 taxes in up or down, they will stau the same.

But:
– The main problem is that some banks are taking your money, and using to pay that you owe them. So make sure to call them and ask for the money back.

2. Does my stimulus money affect my taxes?
– So say you usually get back $1,000 every year from your taxes, maybe your deductions, and maybe you get even more since you have kids
– does it mean that if you got $1,000, that they’ll charge you$1,200 and now you’ll owe them $200
– The answer is NO, according to the IRS

3. Overall: is this good or back
– Well it’s not really a good and bad thing, its more like its something that people needed
– Is it for the economy, NO ( will it affect the future, maybe)
– But its definitely something people needed to support themselves and family
And remember:

– Government/IRS collected 3.5 trillion dollars in income tax for 2018, and most likely more in 2019
– So making a program that makes sure the economy stays afloat for 2 trillion is not as big a dent as most people think

If you learn something in this video:
– Is to go seak information from the horse’s mouth, not from random people.
BREAKING: Do I have to pay back my $1,200 stimulus check? The Truth

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