A second round of stimulus payments has been approved and could start arriving in accounts as soon as January 4. Below is some additional information related to this relief as well as some FAQs.
The IRS has put together a page with additional information and the ability to check the status of an incoming stimulus payment.
Set up a Deposit alert in Online Banking to know when your stimulus payment arrives:
1. Log in to Online Banking
2. Click e-Alerts
3. Click Add Alert in the secondary menu across the top
4. From the "Select Alert Type or Account" drop down menu, select the the account in which you receive direct deposits (either your Checking or Savings)
5. Click the checkbox for "Deposit Transaction Alert" and put in a minimum balance amount of $500.00. A minimum balance is required for the alert to work.
6. Click Save. You should get a prompt that says Update(s) complete. You will now receive an alert when logging into online banking once that deposit has been conducted!
Federal Stimulus FAQ
Please visit the IRS Economic Impact Payments resource page to help determine your eligibility.
If you haven’t filed yet for 2019 but filed a 2018 federal tax return, the IRS will use the information from 2018 tax filings to determine your eligibility for a Federal Stimulus Payment.
Keep the check for 60 days. After 60 days and confirmation of deposit (via your account history online or monthly account statement) you may destroy the check if you wish.
The plan does not help people whose income in 2018 or 2019 exceeds the limit set but the CARES Act.
However, you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year. So it will depend on how much you earn.
The IRS has launched Get My Payment to help you check the status of your payment.. The Get My Payment portal will allow people to:
- Provide their bank account information so they can receive their payment quicker rather than wait for a paper check.
- See the status of their payment.
- The date their check will be deposited or mailed.
Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $600 for individuals and $1,200 married filing jointly. In addition, they are eligible for an additional $600 per qualifying child.
For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible to receive a payment.
You can use this calculator from Kiplinger to estimate your payment.
For senior citizens, Social Security recipients, or railroad retirees:
Yes, the IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019.
Since the IRS wouldn't have information regarding dependents for these people, they would receive $600 per person. However, you have qualifying children under age 17, use this application to claim the $600 payment per child.
For anyone else who does not fit into one of the groups above:
Other non-filers will need to visit the IRS website and complete a free form to determine their eligibility and register for payment. That includes single filers who made less than $12,200 and married couples who made less than $24,400 in 2019.
If you completed 2019 or 2018 taxes that included a direct deposit return the IRS will automatically deposit your payment to the bank account provided and the payment will look like a Tax Refund.
If the IRS does not have your bank information to do a direct deposit, a check will be mailed to you based on the latest recorded address information the U.S. Treasury has on file. Printed Checks will be prioritized and mailed by income level, with the lowest-income Americans receiving their checks the earliest. The U.S. Department of the Treasury’s Bureau of the Fiscal Service (Fiscal Service) will start printing and mailing Economic Impact Payment (EIP) the week of January 4.
No. As with the first-round payments, your second stimulus check is actually just an advanced payment of a new "recovery rebate" tax credit for the 2020 tax year. As such, it won't be included in your taxable income.
Taxpayers who have previously filed electronically and who have previously provided the IRS their direct deposit information will begin receiving their payments as early as January 4 and will continue into the next week.
People who haven’t provided their direct-deposit information to the IRS previously will likely face a longer wait, with paper checks slated to start being issued the week of January 4, 2021.
The IRS is not sending payments all at once. Taxpayers who have previously filed electronically and who have previously provided the IRS their direct deposit information will begin receiving their payments as early as January 4
People who haven’t provided their direct-deposit information to the IRS previously could face a longer wait, with paper checks slated to start being issued the week of January 4.
It's also possible you did not qualify to receive a payment.
If someone has claimed you on their most recent (2019) tax return, you are not eligible to receive a payment.
No. If you had your 2019 tax returns prepared and had the preparation fee taken from your 2019 refund by HR Block, you will receive the Stimulus Payment through META Bank (HR Block). When checking your statement, you will see META Bank as the ACH Deposit, not IRS Treasury.