Answering questions about economic impact payments

Having trouble getting your $1,200 payment?

Many are still waiting for stimulus checks.
Many are still waiting for stimulus checks.

DETROIT – Many people have questions about the $1,200 government economic payments the IRS sent out. A lot of people either didn’t get them or had trouble with banking information.

For those who haven’t received them yet, the IRS is saying it’s likely they are in the mail.

Here’s the thing: If you had direct deposit for your IRS refund and changed that account -- you moved, closed the account, changed banks -- the payment likely bounced back to the IRS.

As a means of fraud protection, the IRS will not allow you to change to your new account, so they will send you a paper check to the address the IRS has on file.

There are a couple of different 1099 forms for retirees: social security and railroad retirement. If you get these and are still awaiting a check, there is an IRS website called “Get My Payment,” and you can answer security questions and have a check sent.

Finally, many wonder if these payments are going to be taxable as income for this year’s tax return. The answer is no. The IRS says your check is not taxable income.

Now, there might still be more questions. Click here to get more information from the IRS website.

About the Author:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.