There are a lot of myths and rumors going around out there about the upcoming stimulus check. Tax Cat is in full debunk mode this morning. Careful of the claws, ladies and gentlemen. He gets touchy when tax season ends and he has to retire the glasses for another year and go back to ruining things in Chad’s apartment.
5. Myth: The tax rebate is taxable income and I’ll have to pay taxes on it next year.
Fact: The rebate is a rebate. It is not taxable income. You will not have to pay taxes on this money.
4. Myth: People who aren’t normally required to file a tax return can’t get the rebate.
Fact: If you have at least $3,000 in certain types of income, you may be eligible for the economic stimulus payment. People who qualify include Social Security Recipients, Veterans Affairs Recipients, Railroad Retirement Recipients, and Low-Wage Workers.
3. Myth: The IRS will call or email you about your rebate check, and they can help you get it faster if you give them your bank account information.
Fact: The IRS is not going to contact you about speeding up this rebate check, and they never contact anyone via email. Ever. At all. Filers who used direct deposit will see their money more quickly, but no one can help you get it “faster.” You will receive your money based on the last two digits of your social security number. You can check out the schedule by clicking here. Don’t give out your banking info to scammers!
2. Myth: I don’t qualify for the rebate because I’m a stay-at-home mom and don’t make $3,000.
Fact: If you’re married, filing a joint return, and have $3,000 in taxable income between you — you qualify for the rebate.
Fact: This is incorrect. Marketplace’s Tess Vigeland figured out where this silly little rumor was coming from: “the last time the federal government issued checks, back in 2001,the stimulus was indeed an advance, of sorts, on the Bush administration’s tax cuts. The bottom line went from 15 percent 10 percent. So, maybe folks are assuming that it is the same this time. It is not. This is not an advance on next year’s refund.”
We know you’re all sad that tax season is over, but you can always snuggle up to Tax Cat on Facebook.