Stimulus Check Update: Some Individuals Could Be Owing The IRS Money

Stimulus Check
stimulus check

There have been major discussions based on the issuance of another stimulus check payment, as a bill has been introduced by the Democrats. This bill would lead to the taxation of the largest oil companies that function in the country. The money that will be taxed will be directly sent to new stimulus payments- for those who were previously struggling with their finances amidst major fallouts from the pandemic and the current war that has been taking place in Ukraine.

Stimulus Check Payments- IRS Could Ask For Repayment

For those individuals who have already received their stimulus check payments, there are several reasons why one could be asked to repay a part of their stimulus payments. And since it is the IRS that will be requiring the payment, it could take quite a while in order to find an error and then respond with a dreaded ‘contact us immediately’ letter. The reasons behind repayment could be myriad- from changes to financial status mistakes.

With the three stimulus check payments being regulated heavily by one’s income, there is a possibility that the income could be eliminated once the person or the family reached the threshold number. Those who have not been deemed eligible for a stimulus payment could be the ones receiving them in the first place. 

You could also be asked to repay your stimulus check payment if you have received the funds while you were working and paying your taxes in the country- for you could be seen as a nonresident alien. Also, you might be contacted for repayment due to a mistake from the IRS. As there have been so many checks issued over the last two years, there is a possibility of an administrative error that could have occurred.