Everything You Need to Know about Your IRS Stimulus Payment
The Internal Revenue Service (IRS) has provided more information about the IRS stimulus payments they will distribute within the next three weeks, also referred to as Economic Impact Payments or COVID-relief checks. Those who filed their taxes in 2018 or 2019 do not have to do anything to receive their check. There are a lot of details to this stimulus package, so we’ve compiled everything you need to know, including when you can expect to receive your stimulus.
Filing as an Individual
If you filed your taxes individually in either 2018 or 2019 and have an adjusted gross income (AGI) up to $75,000, you will receive $1,200. If your AGI is from $75,000 up to $99,000, the payment amount is reduced by $5 for every $100 above the $75,000 threshold. If you have kids, you will receive up to $500 for each qualifying child (dependent aged sixteen or younger). If you have no children and have an AGI that exceeds $99,000, you are not eligible to receive this stimulus.
If you filed your taxes jointly in either 2018 or 2019 and your AGI is up to $150,000, you will receive $2,400. If your AGI is from $150,000 up to $198,000, your payment amount will be reduced by $5 for every $100 above the $150,000 threshold. If you have kids, you will receive up to $500 for each qualifying child (dependent aged sixteen or younger). If you have no children and have an AGI that exceeds $198,000 jointly, you are not eligible to receive this stimulus.
How Will I Get My Payment?
If you used direct deposit to get your tax refund in 2018 or 2019, the IRS will direct deposit your stimulus check into that account. If you did not use direct deposit in 2018 or 2019, the IRS is developing a portal at irs.gov/coronavirus, where you will be able to give them your bank information. If you did not use direct deposit for your 2018 or 2019 tax return and don’t input your information, you will receive a check in the mail.
When will I get my payment?
According to the U.S. Department of the Treasury, direct deposits will start on April 9. Naomi Jagoda, reporting for The Hill, was told by a Treasury spokesperson that fifty to seventy million people will get their direct deposit before April 15.
Americans who choose to receive their Economic Impact Payment by physical check (i.e. those who do not use direct deposit to receive their tax refund or do not fill out the coming IRS form at irs.gov/coronavirus) may have to wait according to the Washington Post. Checks will be arriving over the coming months based on how much you earn.
Less than $20,000: May 1
Less than $30,000: May 8
Less than $40,000: May 15
Less than $50,000: May 22
Less than $60,000: May 29
Less than $70,000: June 5
Less than $80,000: June 12
Less than $90,000: June 19
Less than $100,000: June 26
Less than $110,000: July 3
Less than $120,000: July 10
Less than $130,000: July 17
Less than $140,000: July 24
Less than $150,000: July 31
Less than $160,000: August 7
Less than $170,000: August 14
Less than $180,000: August 21
Less than $190,000: August 28
Less than $198,000: September 4
What if I’m not required to file a tax return?
Social Security recipients, senior citizens, and railroad retirees do not need to do anything to receive their Economic Impact Payment. Each person who falls into one of these brackets will receive $1,200. The IRS will use Form SSA-1099 or Form RRB-1099 to determine where to send your payment.
Where can I find more information?
There is lots more information available on the IRS Newsroom page or the IRS Coronavirus page. These two resources are updated frequently with new information.
I’ve never used direct deposit, what do I need to know?
If you’ve never used direct deposit before, you’ll need to check this page in a few days to find the direct deposit form the IRS will be launching. Then you’ll need to know some information about your credit union or bank account, specifically the routing and account numbers associated with the account you’d like to receive the deposit in.
The routing number for your financial institution can be found at the bottom of your check (as shown below within the red circle). If you don’t have checks, you will likely find it on the institution’s website homepage. Domestic banks and credit unions do not have IBAN or SWIFT codes/numbers. (Note: VSECU’s routing and transit number is 211691185, which you can also find at the top right-hand corner of this website page). Your account numbers is the string of numbers to the right of the routing number (to the right of the red circle).
VSECU MEMBERS: If you want to find your account numbers in Online Banking, go to www.vsecu.com and login to Online Banking in the upper right-hand corner. Your account numbers are available under the account services button, one of four green tabs in the upper right corner. Once under the account services tab, navigate to the account management section and you should see all of your account numbers.
If you have any trouble finding this information, give us a call at 1-800-371-5162 or send us a message on Facebook.
If you do get a check from the IRS in the mail, you can use Mobile Deposit to get that money into your accounts without coming in to a branch.
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