KIMT NEWS 3 - You might have looked at the date on the calendar and briefly panicked that Wednesday was tax day, but that date is now pushed back to July 15 as the deadline to file your taxes.
April 15 is also the date some Americans are seeing some extra money hit their bank accounts. The stimulus check is meant to help Americans stay on their feet financially and also give the economy a little boost during the pandemic.
If you filed 2018 or 2019 taxes and authorized the IRS to make a direct deposit, your check should already be in your bank account.
How much money you can expect depends on your household. $1200 per adult, $2,400 per couple, and $500 per child if you earn less than $75,000.
According to H&R Block, the stimulus payment is not an advance of a 2020 refund. When you file your 2020 tax return in 2021, you could get an additional stimulus payment, if your circumstances change. The additional payment would be added to your refund or reduce your balance due. If your stimulus payment was too high based on actual 2020 information, it will not lower your refund or add to your balance due.
You will not have to claim the stimulus check as taxable income during the 2021 tax season.
