How to maximize tax benefits of government stimulus payments

WILMINGTON, NC (WWAY) —  If you haven’t received your second government stimulus payment, or even your first, we have some advice for you that’s right on the money.

Financial advisers say you may still be able to claim the Recovery Rebate Credit when you file your 2020 income tax returns.

According to Wilmington financial advisor Mike Cunningham, if you’re eligible you can check the www.irs.gov website for the status of both of your payments. Some payments have been direct-deposited into bank accounts, others have been mailed as a check or debit card.

Cunningham recently spoke with Good Morning Carolina’s Donna Gregory about the best way to use the money once you get it.  He also explained how to claim a credit for the payments, if you didn’t receive one or both of them.