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Monday, September 26, 2022

Stimulus Checks To Be Returned?

Stimulus Check was sanctioned by the federal government in March. The coronavirus pandemic left the whole world devastated. Shutdowns were implemented all over the country. In America, it was no different. People ran into a frenzy as most of them lost their jobs. Daily workers and on-site employees suffered the most. A large number of citizens’ salaries were compromised.

The economy took a sudden decline. To combat the adversities, monetary funding was announced. Qualified citizens received the Stimulus Check which took the financial load off their shoulders. However, there seems to be a problem recently. The third installment has been rolled out and now the IRS seems to be asking for payback! Recent reports have come pouring about the IRS wanting the stimulus money back. Let us take a detailed look at what the fuss is all about. 

Stimulus Check: Beware Of A Refund Notice 

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IRS has rolled out three sets of Stimulus Checks so far. The first and the second round of payments were $600 & $1200 respectively. The final round was rolled out recently. The third check dispatched was $1400. All the qualified citizens received their money as direct deposits.

The IRS is asking Americans to return the money now! A large number of citizens have reported receiving letters from the IRS. They have been asked to pay back their stimulus money entirely or in parts. People residing in different states have got the mentioned letter.

According to the IRS, any individual or family receiving a check mistakenly must refund the amount immediately. Families not meeting the eligibility criteria, and individuals with faulty submission of taxes might be asked to return the money to the government. Any checks issued to a deceased person also needs to be refunded. 

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