Scammers Are Coming for Your Stimulus Cash. Here's How to Avoid Them
Millions of Americans are hurting financially because of the COVID-19 crisis and are eagerly awaiting the arrival of their stimulus money. As part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act, Americans whose incomes falls below a certain threshold will receive $1,200 per adult plus an extra $500 per qualifying child under the age of 17. You're entitled to a full stimulus if your income doesn't exceed:
However, don't assume there's no money coming your way if your income is higher. Once your earnings surpass these thresholds, you lose $5 in stimulus cash per $100 of income, which means there's still plenty of money on the table if you're, say, a single tax filer with an income of $78,000.
That said, the rules surrounding these stimulus payments can be a bit confusing, and the fact that not all Americans have received their money yet means there's plenty of opportunity for criminals to take advantage. Whether you've gotten your stimulus yet or not, the last thing you want to do is fall victim to a financial scam related to that money.
Source Fool.com
