The official @IRSnews account on X (formerly known as Twitter) has pinned a tweet advising Americans to exercise caution while filing their annual tax returns. The tweet warns about the prevalence of misleading tax advice on social media, which can pose significant risks to taxpayers.
This advisory is especially pertinent now, as there is an increasing flow of scams and fake news online. A current rumor about an IRS $8700 stimulus check has prompted many inquiries.
Here’s a breakdown of what is known about this claim:
Stimulus checks have become a familiar concept to Americans, particularly in the aftermath of the COVID-19 pandemic. These checks are designed to boost economic activity during challenging times by providing direct financial assistance to consumers, thereby reducing the need to incur debt or dip into savings.
In March 2020, then-President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This legislation provided a one-time cash payment of $1200 to eligible Americans, with an additional $500 per child. Currently, there is speculation about an IRS $8700 stimulus check, but official government sources suggest these reports may be unfounded.
The Alleged Expanded Child Tax Credit
According to reports from Marca, the rumored stimulus check is purportedly part of an expanded Child Tax Credit approved by President Joe Biden. Contrary to some claims, not every American would be eligible for this $8700 payment.
Instead, the proposal allegedly aims to assist struggling families with monthly payments of $350 per child, up to a total of $8700 over six months starting from June 15th.
Eligibility Criteria for the Alleged IRS $8700 Stimulus Check
Reports indicate that single filers earning under $75,000 annually and married couples earning up to $150,000 would qualify for these payments based on their 2022 tax returns.
Although parents may not receive the full $8700, even $350 per month could significantly impact household finances. Eligible children must have a valid Social Security Number, be listed on the family’s most recent tax return, be legal US citizens or legal residents, and not be dependents on another tax filer’s return.
Additional Information and Verification
Times Now corroborates this information, stating that payments would be issued via direct deposit for those who have provided their bank account details. Payments would be made monthly from June to December.
However, it is noteworthy that the IRS’s official website does not mention the $8700 stimulus check, raising scepticism about the authenticity of these claims. WBHRB has found that the viral $8700 Stimulus Check Payment is nothing but a piece of false information and the netizens shouldn’t fall for it.
For those receiving unexpected deposits or suspecting scams, it is advisable to verify through the government helpline at 800-829-1040, available from 7 AM to 7 PM local time, Monday to Friday.
