Are you currently in an IRS installment agreement and wondering how it will affect your stimulus check? Here`s everything you need to know.

Firstly, let`s clarify what an IRS installment agreement is. It`s a payment plan you can set up with the IRS to pay off your tax debt in manageable monthly installments. If you`re currently in one, you might be concerned that your stimulus check could impact your agreement.

The good news is, your stimulus payment won`t be seized if you`re in an IRS installment agreement. The CARES Act, which authorized the stimulus payments, specifically prohibits the IRS from offsetting any past-due tax debts for stimulus payments.

However, if you owe child support or have other types of debts that are subject to offset, your stimulus payment could be reduced or offset entirely. So, if you owe child support or have other debts, it`s best to contact the appropriate agency or creditor to make sure your stimulus check won`t be affected.

It`s also important to note that your stimulus payment will not affect the amount you owe in your installment agreement. Your installment agreement will continue as usual, and you`ll still be responsible for making your monthly payments.

If you`re struggling to make your installment payments due to financial hardship caused by the COVID-19 pandemic, you might be eligible for relief. The IRS is offering various relief options, such as payment deferrals and reduced monthly installments. You can contact the IRS directly to discuss your options and see if you qualify for any relief programs.

In summary, if you`re in an IRS installment agreement, your stimulus payment won`t be seized to pay off your tax debt. However, if you owe child support or have other debts, your payment could be reduced or offset entirely. Your installment agreement will continue as usual, and if you`re experiencing financial hardship, you might be eligible for relief options. Contact the IRS directly to discuss your situation and explore any available options.