Charlottesville accountant advises how to make most out of IRS stimulus check

Charlottesville accountant advises how to make most out of IRS stimulus check

CHARLOTTESVILLE, Va. (WVIR) - While millions of Americans start receiving their coronavirus stimulus checks this week, others could be waiting weeks before they get theirs.

People who have recently filed 2019 or 2018 tax returns and have direct deposit capabilities are getting the payment sooner. Those without direct deposit likely won’t see the checks for a couple more weeks.

Larry Martin is a certified public accountant at Hantzmon Wiebel in Charlottesville. He says while you won’t have to pay the money back, you will have to acknowledge it next time you pay taxes.

“It is a rebate on your 2020 tax return, and when you file your 2020 tax return at this time next year you will have to show that you got the rebate, and whether you were entitled to it in 2020,” Martin explained.

Most adults who earned up to $75,000 can expect a check for $1,200, while married couples who made up to $150,000 can expect $2,400.

Parents will get payments $500 per child.

With restrictions in place until June, Martin says to try to make a financial plan for the next couple of months.

“Obviously a lot of people need this money for rent, mortgage, utilities, or whatever. But for other people who are more fortunate and still employed and don’t need it quite yet, I’d set it aside because I don’t think any of us know yet when this is going to end,” Martin said.

The Internal Revenue Service advises people to be on the lookout for scammers who may be trying to take their money.

People can now track the date their COVID-19 relief payment scheduled to be deposited into their bank account or mailed to them, for more information click here.

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