No. It’s a stimulus payment.
In the next month, every American over the age of 17 who is NOT a dependent and reported an adjusted gross income (AGI) of less than $75,000 in 2018 will receive $1,200 and every child under the age of 17 will receive $500. The amount will be reduced by $5 for every $100 you earned over $75,000 until the amount is completely phased out at $99,000. For married couples filing jointly, the amount will be $2,400 and phased out stating at AGI of $150,000 to $198,000.
If you indicated a bank account for direct deposit on your 2018 or 2019 tax return, or if you receive social security benefits, the stimulus payment will be directly deposited into your account. Otherwise, a check will be mailed to your last known address. The IRS indicated an online portal will be established to update your information by mid-April, but this portal is NOT available as of the date of this posting. Please be careful because many fraudsters have created “fake” sites to steal your information and stimulus payments.
If you require assistance reporting your information, please contact our office at 888-552-1311 and we can provide free reliable safe HELP.