Congressman Michael San Nicolas sends you the following message in an effort to dispel rumors that federal cash assistance needs to be paid back:
No you DO NOT need to pay back your Economic Impact Payments.
The $1,200 / individual, $2,400 / joint, and $500 / dependent 16yrs old and under are NOT TO BE PAID BACK. The way the law was written in order to legalize the payment structure was to create in this tax year a tax credit claimable for tax year 2020 filings in 2021, and legally authorize it to be advanced now. So basically you're getting next year's tax credit this year and that's that. No payback. So in the VERY off chance you didn't get a stimulus payment you can claim it as a credit in 2021 for your 2020 taxes and it works the same. If this explanation confuses you then just be reassured... ...you DO NOT have to payback ANY of the stimulus money you receive if you qualified for it. God Bless. - Michael F.Q. San Nicolas