Nov 27, 2020 02:15 AM EST
No one can redirect your economic stimulus payment to cover a debt. However, there are exceptions. In most cases, the money is yours to save or spend after receiving it if you meet the stimulus payment requirements.
The CARES Act that authorized payments includes a few exceptions allowing the federal government, creditor, or bank to get your direct stimulus check in a few scenarios.
According to CNET, if you qualified for the first stimulus payment and have not received a direct deposit, you may check or repair your EIP debit cards from the IRS. You may be mistakenly overlooked, or a problem occurred that you need to resolve first.
Read also: How Next Round of Stimulus Checks May Help Paycheck-to-Paycheck Families
Several eligible groups for the first payment, such as retirees, SSDI recipients, older adults, noncitizens, and those incarcerated, can file for payment claims in 2021.
Let us take a look at the groups who cannot take away your stimulus check from you.
If there are categories that could not take your stimulus money, there are also groups of people or conditions that can take your stimulus check:
The IRS confirmed that this year, the payment you get would not lessen your tax refund in 2021 or increase the amount you owe when you file a 2020 tax return. Besides, if you qualify for a lower amount in 2021, you won't have to repay a stimulus payment.
Read also: Without Stimulus Money, These Essential Programs Will Evaporate
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