Listen Now: Stimulus Checks 101: Top Myths Busted And Need-To-Know Info
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Stimulus checks are starting to land in people’s bank accounts, along with a little misinformation.
Market experts say along with the extra money from the government came a few myths that people are concerned about. So, to help you find the truth and cash in, MarketWatch is busting some of those myths wide open.
For example, you do not have to pay the stimulus money back. While your income will dictate how much money you receive, it is not a loan you need to pay back. When it comes to taxes, it’s important to know your stimulus money will not get applied to any tax bill you may owe.
And your stimulus amount will not be added to any tax refund you are entitled to. When it comes to next year’s taxes, the stimulus check will not be included as income and will not bump you into a higher tax bracket. Your government handout can’t be included if you file for bankruptcy meaning a judge can not declare it part of your income.
So spend it or save it. Either way, it’s yours.
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CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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