The official @IRSnews account has placed a tweet telling Americans to exercise caution when filing their yearly return to the top of their X profile.
They stated, “There are many different kinds of social media content, including tons of misleading tax advice that can put you at risk.”
With the countless frauds and almost continual stream of fake news on the internet, it’s more important than ever to exercise caution.
People are currently curious about the alleged $8700 stimulus payout from the IRS. Here is what we currently know about the situation:
How Do Stimulus Checks Work?
Following the COVID-19 outbreak and a difficult few years adjusting to the “new normal,” Americans are now accustomed to stimulus checks.
During times of conflict, their purpose is to stimulate the economy. Customers may now spend more money without worrying about incurring debt or depleting their savings, thanks to government bonuses.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act/Phase Three) was signed into law by President Donald Trump in March 2020, when he was still standing.
Americans were therefore entitled to a one-time, straight cash payment of $1200 plus an additional $500 for each kid. There is currently news of an alleged $8700 stimulus payment from the IRS to assist stimulate the economy, however the official website of the government body implies that the information being reported by blogs may not be entirely accurate.
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Who May Receive The Purported $8700 IRS Stimulus Check?
According to reports, married couples can make up to $150K and still qualify, while households earning less than $75K can file as a single filer; the figures are based on 2022 tax returns.
Parents may not receive the entire $8700 stimulus grant from the IRS, but even $350 a month can have a significant impact if the reports are confirmed.
The children who meet the requirements need to have a current Social Security number and be listed on the family’s most recent tax return.
They cannot be the dependent of another tax filer and must be either lawful permanent residents of the US or lawful foreign nationals.
Times Now is another source that gives comparable information regarding the increased child tax credit.
They advise readers to visit the IRS website for more information and mention that, for those who have submitted bank account information, payment should be made by direct deposit every month on the 15th from June to December.
It’s interesting to note that the IRS’s official page makes no mention of the $8700 stimulus check, so we’re not sure if you and your family should start saving money later this month.
For any questions about unexpected deposits you would like to double check, or about strange messages you get that might be scams, call the government hotline at 800-829-1040, which is open Monday through Friday from 7 AM to 7 PM local time.
