Will the stimulus checks be seized by debt collectors? Will the money be taxed? How soon will checks hit bank accounts? All of your burning questions are answered here.
Have a social security number.Don't have an income or don't make enough to file a tax return but are eligible retirees and recipients of Social Security, Railroad Retirement and disability or veterans' benefits, as well as Supplemental Security Income benefits.Are the head of household who made less than $136,500.Individuals who made less than $75,000, head of households who made less than $112,500 and joint filers who made less than $150,000 will receive $1,200.
Direct deposits could come as soon as early next week for those who use direct deposit for their tax returns of government benefits, the Treasury DepartmentChecks will be mailed to those who don't receive their tax returns or benefits via online banking. These are not expected to be issued until the week of May 4, according to a House Ways and Means Committee memo, a congressional panel that oversees the Treasury. It could take up to 20 weeks to dole out all the checks.
Under the law, the checks cannot be"reduced, or 'offset,' for past tax debts or other debts owed to federal or state governments," the duo said, adding that the only permissible offset set by Congress is for unpaid child support.
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