![]() ![]() If you qualify for a payment, it’s yours to keep. Can a nursing home or assisted living facility take the payment from me? However, private debt collectors could still seek out these funds. The American Rescue Plan law specifically exempts the stimulus payments from state or federal debt offset. Can my stimulus check be taken from me to pay a debt? ![]() The payment cannot be taken from you to pay past-due child support. No. The stimulus money will not count as “income.” Can my stimulus check be taken from me to pay a debt or child support? If you don't spend it within 12 months, the Social Security Administration will count the money as a “resource.” Will I be taxed on the stimulus check in any way? You can spend down on whatever you wish, including on gifts and charitable contributions. You are not limited in what you can spend the money on. Spend down your CARES Act EIP money before 12 months have passed since receiving the payment. Should I spend the stimulus money within a year? What can I spend it on? The money also will not count as a “resource” as long as you spend it within a year. ![]() The stimulus money will not count as “income” and will not reduce your SSI, Reach Up, subsidized housing, Medicaid or 3SquaresVT (food stamps). Will the stimulus check affect my benefits? Also, you can find Form 1040 and Form 1040 instructions on the IRS website.They provide free preparation services to taxpayers who meet eligibility requirements. These sites are staffed by trained volunteers. Through this service you may be able to schedule an appointment with a free Volunteer Income Tax Preparation Assistance (VITA) site. You can also call the Vermont 2-1-1 hotline and follow the menu options for tax preparation.You may qualify for free e-file software. Paper forms will take much longer to be processed by IRS. The IRS recommends electronic filing, and we agree.How do I get help filing a tax return to claim my EIP? Because this third round of stimulus is actually an advance payment of a tax credit for tax year 2021, you should be able to claim this credit on your 2021 tax return if you do not get it by the end of 2021. We believe the IRS will continue to send the third round of payments until December 2021. When will I get the payment? And what can I do if I don’t get it? If you didn’t get a payment for dependents, you may need to file a 2021 tax return to claim it. The IRS sent automatic payments to qualifying individuals who, as of January 1, 2020, were receiving Social Security, Veterans or Railroad Retirement benefits. What if I get Social Security, VA or Railroad Retirement? It will let you know when the IRS is depositing your payment or mailing it. Use the IRS "Get My Payment" tool to check on the status of your Economic Impact Payment.The payment is actually a 2021 tax credit that is being sent to you in advance.Most people already received their payments, which were based on income reported on their 2019 or 2020 tax return.The stimulus payments were processed by the IRS.To get the additional payment, you must file the 2020 tax return by 90 days from the filing deadline or September 1, 2021, whichever is earlier. If the IRS sends your payment based on a 2019 return and then your 2020 return says you qualify for more (perhaps you had a baby), they will send an additional payment to make up for the difference.Otherwise they will use information from your 2019 tax return. The IRS will use income information from your 2020 tax return if they received that return before sending your money.This applies to heads of households who make less than $112,500, as well. ![]()
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