GREENSBORO, N.C. — We are all still waiting to see what will happen with the second stimulus payments. The checks could be $600 or $2,000 or somewhere in between! While we wait, we can answer questions about how the IRS will most likely begin the process.
Mark Hensley, AARP NC Triad Region, and Scott Braddock of Scott Braddock financial answered your questions on 2WTK.
Does owing child support affect the stimulus payment?
No. Making child support payments won't garnish your stimulus payment.
YES. If you owe back child support, your stimulus payment will go toward that debt and you will not receive a check.
If I got a check mailed to me last time, is that how I will get this next payment?
YES. Chances are, the IRS will send the payment the same way they did last time. Now, if you have filed taxes since then or completed the non-filers tool, or put in your direct deposit information since the first payment, there is a chance the IRS will send it through direct deposit.
My college student missed out on the stimulus payment last time. Will they get it this time?
No. If you claimed your college student on your taxes as a dependent, they will not get the stimulus payment (1-they're not a dependent under 17 and 2-they don't claim themselves)
Am I taxed on the stimulus payment? Will I owe it at tax time?
No. The stimulus payment is actually a tax credit. You will not be taxed on it as income and you will not owe money back at tax time. It also does not count against you for your tax refund.
