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【bangor base pass and id】People are getting this unexpected stimulus check. Should you keep it?

来源:can you swim with floc in the pool 编辑:Knowledge 时间:2024-10-06 16:20:19

Payments from the

$2.2 trillion coronavirus relief package

【bangor base pass and id】People are getting this unexpected stimulus check. Should you keep it?


have gone out to many people across the United States.

【bangor base pass and id】People are getting this unexpected stimulus check. Should you keep it?


And while many Americans are

【bangor base pass and id】People are getting this unexpected stimulus check. Should you keep it?


still waiting for their stimulus checks


to arrive,bangor base pass and id there's a surprising group of people who may have already received their payment: the deceased.


How are the deceased receiving coronavirus stimulus checks?


If someone filed his or her 2018 or 2019 taxes and has since passed away, relatives may see stimulus checks arrive in that person's name. That's because the IRS is using the most recent tax information it has on file to determine eligibility and send out payments.


"The Social Security administration has a master file of all deaths in the United States, but if the IRS had taken the time to cross-reference that date, it would have delayed checks for everyone for weeks," Nicole Kaeding, vice president of policy promotion at the National Taxpayers Union Foundation, told TODAY by phone.


Has something like this happened before?


Yes. During the financial crisis of 2008, "more than 71,500 deceased Social Security beneficiaries received $250 payments through the American Recovery and Reinvestment Act," according to


CNBC


.


Should I keep a coronavirus stimulus check meant for a deceased relative or return it?


A spokeswoman for the Treasury Department told CNBC: "We will be issuing guidance on this shortly." So, as it stands, the answer to this question isn't clear just yet.


However, Treasury Secretary Steven Mnuchin told


The Wall Street Journal


that people are not supposed to keep the payment. “We’re checking the databases, but there could be a scenario where we missed something, and yes, the heirs should be returning that money.”


Kaeding says this statement raises a few questions because the IRS has not yet issued instructions on how to return the money or what will happen if you don't. "If you don’t pay it back, will the IRS actually try to audit you or reclaim the money? That doesn’t seem likely. It seems hard to imagine that the IRS will be auditing widows over checks like these."


What if I receive extra funds in my name?


You can keep extra money arriving in your name. Kaeding said that the Coronavirus Aid, Relief and Economic Security Act outlines that if someone receives too much money, it's considered a clerical error on behalf of the IRS, and "the money, in general, doesn't need to be paid back."


But Jennifer Benda, a shareholder at the law firm Hall Estill in Denver, said, "I would not plan on keeping money that you received and not paying it back if you think you got more than you’re entitled." However, Benda doesn't advise sending the money back to the IRS at this time because it may cause confusion.


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What are the legal ramifications of keeping a check meant for a deceased relative?


While there isn't any guidance on the issue of what to do with a check from a deceased relative, once guidance is issued, the IRS will likely outline the repayment process "as well as any penalties," Kaeding said.


"Don’t plan on keeping it free and clear. Wait till we get more guidance," Benda said. "Don’t cash the check, or just set it aside in a separate bank account so you don’t spend it — whatever you need to do in case you need to pay it back. But I do think for people filing 2020 tax returns, this will get sorted out next April."


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