Greg's Corner

More tips and answers about coronavirus relief checks

Even with the announcement that the majority of American taxpayers will be receiving an economic impact payment because of the current pandemic, there is still some confusion about these payments.

The one topic about the payments that seems to get a lot of traction is the question of whether or not the government will take the money back at a later date. Some are saying that the economic impact payments are basically an advance on your tax return. That is incorrect. The economic impact payment is a one-time 2020 tax credit. It’s not being counted against any existing credits. You will not have to pay it back this year, next year, or any year. If you financially qualify for the payment, which we detailed here, you will never have to pay it back.

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We also previously mentioned that you’ll receive your payment by direct deposit if you’ve received your 2018 or 2019 tax refund by direct deposit. However, if you didn’t have to file a tax return to the IRS, you can go to the Economic Impact Payments page on the IRS website to provide your information. All you have to do is click on the button that says Non-Filers: Enter Your Payment Info Here and fill out a form to start the processing of your payment.

For people who receive Social Security benefits, you’ll receive your payment the same way you receive your benefit payments. Although, you can receive additional money in your economic impact payment if you have dependents under the age of 17. You’ll have to take additional steps to get the supplemental payment but those steps have not been outlined yet.

Again, if you have additional questions about your economic impact payment, you can always check with the Coronavirus Tax Relief website that’s run by the IRS.

And remember, no one can get you your payment to you any faster than the government is issuing them. Anyone who says they can is just trying to scam you.

(H/T Money.com)