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Friday, August 12, 2022

Stimulus Check Update: IRS Asking For Repayments

IRS has recently been rechecking their payments of stimulus funds that have been sent in the last two years. The problem with this recheck is some of the people may have to repay their money to the Federal Government.

As IRS has been working very fast in the last two years, giving away the payment of stimulus checks to different backs the last two years, this should not be a surprise that there have been some mistakes in a few transactions. Hence the recheck of the transaction process. The reason for repayment can be anything like receiving excess money as the payment of those stimulus checks.

The People Who May Have To Return Their Stimulus Check Payments: 

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The stimulus checks were decided and divided following an income threshold. Now when someone or a family hits the threshold, those payments of the checks will be invalid. Now it is only normal to assume that some of these people have exceeded the eligibility parameter and yet got their payments. There can also be some mistakes related to taxes and tax filing. So, if the IRS finds anything like that while rechecking, they might contact you.

Homeowners should know that IRS does not call you or text you unless it is to reply to any of your calls or texts. So, if IRS need to make contact with you, they will do that with a letter posted to your address.

The COVID Pandemic has been incredibly hurtful for us. Many of us have lost our loved ones. Now, if someone has been dead in 2019, chances are IRS was not aware of that fact when they were sending their first Stimulus checks in the middle of 2020. So, they might ask for those checks back as well.   

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