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CBS 2 Answers Your Questions As Second Wave Of Stimulus Payments Expected This Week

CHICAGO (CBS)-- The second wave of stimulus payments is expected to go out this week. The Treasury Department says more than 80 million more Americans will receive their direct deposits.

CBS 2's Audrina Bigos said the most-asked question is, "will I have to pay back the money I get in this stimulus payment?"

Will you have to pay back the stimulus money? The next round of stimulus relief payments are going out this week to...

Posted by CBS Chicago on Wednesday, April 15, 2020

Janet Holtzblatt of the Tax Policy Center said the answer is no, generally.

"When you file your 2020 tax return next year, it will not be taxable," she said. "In fact, if you are entitled to more in your 2020 income, you'll receive that additional amount."

Bigos said another common question is, "If I owe money to the government, will that be taken, subtracted from my stimulus payment?"

"Generally no," Holtzblatt said. "With one exception if you owe child support, that money will be taken out of the stimulus payment."

Stimulus payments will not be reduced for any taxes owed or defaulted students loans.

This next wave of payments this week is going to those who've filed their 2018 and 2019 tax returns and are set up for direct deposit with the IRS.

Experts say if you go to the IRS website and add your direct deposit, that could help speed up when you get your check.

Paper checks wont start going out until May 4.

Starting this week, the IRS is launching a site for you to find out when you're getting your check. CBS 2 will provide an update when it is available.

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