Here’s When Your Stimulus Money Can And Can’t Be Taken From You
We've been sharing information about your government stimulus check since the planw was announced to go into effect for people across the country. Americans from coast to coast now are checking their bank accounts for their money to be deposited. For many folks, that's already happened. For others, errors within the system with the IRS and backed up phone lines, mean a longer wait for their deposits. But did you know some people may not see a deposit at all?
Turns out, there are instances in which your government stimulus check can be taken from you. According to Forbes, you can expect to see your money dipped in to for the following:
- Child Support: It's understood that the stimulus money is to help with financial hardship, but this doesn't apply to you if you're behind on child support payments.
- Bank Debts: If you owe money to the bank receiving your deposit, that bank can take it from your stimulus check.
- Collection Agencies: This one applies to private collections agencies. If you're behind on collections payments, your money can be garnished.
Your stimulus check can't be touched for these reasons:
- Owing the IRS a tax debt: You have until July 15 to file your tax return and pay any balances left outstanding.
- Defaulted Student Loans: All student loans suspended without interest until September 30.
KEEP READING: 50 community resources supporting Americans financially impacted by COVID-19