The bill has been signed, and the $2 trillion stimulus is on the way.
But many people are still confused and are wondering if they will really see a check for $1,200.
Check your mailbox - the checks are coming in the next couple of weeks.
If your last tax refund was direct deposit, it should go directly to your bank account. However, how much you receive get depends on several things:
- 90% percent of Americans should receive a check for $1,200 or $2,400 for married couples.
- You will also get $500 per child.
- Benefits phase out once you earn $75,000 a year.
There will be no check for individuals earning more than $99,000.
And from the “doesn’t that stink” file, some people may not receive a check unless they take action.
If you haven’t filed taxes in years, the IRS may not know how find you, so you might want to file this month just to be sure.
Good news for seniors, though: If you receive Social Security, you will automatically get a check - no need to file anything.
But do you owe back child support? Sorry, that may be deducted from your check.
Bottom line: If you haven't filed taxes in two years, file a quick 1040 form so the IRS can find you and you don’t waste your money.
"Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").
Follow John on Twitter (@JohnMatarese)
For more consumer news and money-saving advice, go to www.dontwasteyourmoney.com