Huntsville tax specialist explains your coronavirus stimulus check

WAAY-31 spoke with a tax specialist about why you don't have to pay your stimulus check back

Posted: Apr 17, 2020 8:28 PM
Updated: Apr 17, 2020 11:49 PM

The federal government says millions of people should receive their stimulus checks this week!

But some expressed concerns with actually spending it, and whether it'll impact your tax filing or next year.

The $1,200 you get in your bank account is yours to keep and, no, you don't have to pay it back.

A tax specialist told us he's heard the rumors and assured me this is a tax credit, not a tax loan.

"It'd be the same as the government giving you a bigger refund later and the law said it's just a credit. But they've chosen to go ahead and give you and the taxpayers the money, now," said Mark Holman, a certified public account.

He explained to WAAY 31 the stimulus check people are getting is called an "advanced credit" and the credit word is what's confusing people.

You don't have to pay the money back and it won't impact your tax filing next year.

It's an "economic impact payment" given to Americans hurt by the coronavirus outbreak.

To get it, the IRS used your most recent tax filing records and Holman told us he's heard the rumors of people having to pay it back but it's just not true.

"It's not going to be taxable. It's not going to increase your taxable income and you will not have to pay it back. That's the bottom line," he said.

He said there are some cases where people will have to pay it back...but they have to do with errors on sending the money out.

It's if you receive double the amount or get the $1,200 when you weren't supposed to then you have to pay that money back next year when you file.

But all in all... He believes North Alabama will be okay once this is all over.

"The economy will bounce back really well. I think it's going to take a minute... It's not going to bounce back like next week. We're still going to have issues," he said.

Holman told WAAY 31 if you do not receive your $1,200 you can claim it on your taxes and get that money in a full refund... not taxed.

Huntsville
Few Clouds
80° wxIcon
Hi: 81° Lo: 59°
Feels Like: 81°
Florence
Clear
82° wxIcon
Hi: 83° Lo: 61°
Feels Like: 82°
Fayetteville
Clear
79° wxIcon
Hi: 81° Lo: 58°
Feels Like: 80°
Decatur
Few Clouds
81° wxIcon
Hi: 80° Lo: 58°
Feels Like: 82°
Scottsboro
Clear
81° wxIcon
Hi: 79° Lo: 58°
Feels Like: 82°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Confirmed Cases: 153016

Reported Deaths: 2633
CountyConfirmedDeaths
Jefferson22400372
Mobile14282314
Tuscaloosa9983132
Montgomery9691196
Madison899992
Shelby703560
Lee643966
Baldwin637567
Marshall426748
Calhoun410259
Etowah402049
Morgan394532
Houston363132
DeKalb316727
Elmore309552
St. Clair279742
Limestone269227
Walker268092
Talladega255034
Cullman225823
Lauderdale206340
Autauga199928
Franklin199131
Jackson199114
Colbert190627
Russell19023
Dallas185227
Blount183823
Chilton180531
Escambia170928
Covington164729
Coffee16409
Dale162551
Pike130212
Chambers127343
Tallapoosa127286
Clarke126716
Marion104229
Butler99840
Barbour9819
Marengo96721
Winston89913
Geneva8337
Pickens80317
Randolph79514
Lawrence79230
Bibb78913
Hale74529
Cherokee71514
Clay70712
Lowndes69927
Bullock63517
Henry6316
Monroe6279
Washington62112
Crenshaw59030
Perry5796
Wilcox55712
Conecuh55413
Fayette54712
Macon52919
Cleburne5247
Sumter46421
Lamar4575
Choctaw38612
Greene33316
Coosa1963
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Confirmed Cases: 232061

Reported Deaths: 2922
CountyConfirmedDeaths
Shelby34370552
Davidson29801325
Knox1183387
Hamilton11097102
Rutherford11031106
Williamson661848
Sumner5636107
Wilson440253
Putnam411053
Montgomery385751
Out of TN379435
Unassigned37653
Madison361378
Bradley340821
Sullivan318844
Sevier314920
Blount310231
Washington308043
Maury307435
Robertson248539
Hamblen232743
Tipton219222
Gibson205437
Dyer202326
Hardeman178732
Coffee176020
Trousdale17407
Obion163617
Bedford159020
Dickson156218
Wayne15607
Greene155650
Anderson155513
Loudon154010
Fayette152022
McMinn150832
Cumberland148924
Lawrence146217
Jefferson145818
Weakley143425
Carter141532
Henderson135425
Monroe134823
Warren13399
Hardin131319
Lauderdale130818
Macon125724
Franklin121115
Haywood119025
Roane11857
Overton111211
Johnson11046
Hawkins109923
Carroll109324
McNairy108825
White107614
Marshall10528
Rhea104816
Cheatham96911
Lake9683
Smith93313
Bledsoe9244
Cocke92212
Giles89234
Campbell8647
Fentress8497
Lincoln8012
Crockett76620
Henry74110
Hickman73913
Chester71214
Marion6999
DeKalb67216
Decatur62511
Grainger5314
Grundy5168
Claiborne4956
Union4932
Polk46913
Jackson4165
Humphreys4094
Morgan4086
Houston38914
Benton3879
Cannon3862
Unicoi3641
Clay36312
Lewis3502
Sequatchie3294
Scott3244
Stewart3087
Meigs2944
Moore2452
Pickett2445
Perry2041
Van Buren1911
Hancock1123

Community Events