What you need to know about the IRS stimulus checks
Stimulus checks from the IRS started going out late last week, and many Americans have received their checks in the last couple days.
But there may be some confusion about the checks, including if you need to pay them back or if they will affect your 2020 taxes.
Local economics professor at the University of Wisconsin- Eau Claire, Thomas Kemp, says in the past 20 years, stimulus checks have been sent out to the american people three separate times and it always causes confusion.
"I am old enough to remember 2001 when we had those checks too, and every time there is a whole lot of confusion with stuff and there is a lot of miscommunication and it doesn't help too that on those three occasions it has been different each time,” Kemp said.
He says these checks are designed for immediate assistance and do not need to be paid back and will not affect your 2020 tax return.
"The intent of these checks is to tide folks over for immediate expenditures during this time period when many of us can't go to work,” Kemp said.
Anyone who makes less than $75,000 a year and files their taxes individually, will receive $1,200.
Married couples making $150,000 or less will get $2,400 and an additional $500 for each child.
The IRS will use your 2019 or 2018 tax information to make the calculations.
Kemp says the best tool to use to help you understand these checks is the IRS website.
The IRS is launching a new tool that will help you track your refund, and it will also allow you to sign up for direct deposit if you have not done so in the past.
For more information on the stimulus checks,