Economic Impact Payment Guide
What to Know About the Economic Impact Payment
The Treasury Department and Internal Revenue Service (IRS) announced on March 30, 2020, that Economic Impact Payments will be distributed as early as April 15 to provide relief for those who have been negatively impacted by the coronavirus pandemic. Here’s what you need to know to determine if you qualify for the payment and how much you may be eligible to receive.
Eligibility and Payment Amount
- US residents and resident aliens will receive the full Economic Impact Payment of $1,200 for single filers with adjusted gross income below $75,000 or head of household filers with adjusted gross income below $112,500. Those who are married filing jointly with adjusted gross income below $150,000, will receive the full payment of $2,400.
- Taxpayers will receive a reduced payment based on their specific adjusted gross income. If adjusted gross income is between $75,000 - $99,000 and filing status is single or married filing separately, or $112,500 - $136,500 for head of household, or $150,000 - $198,000 and filing status is married filing jointly, the payment amount will be reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds.
- Single filers with income exceeding $99,000, head of household filers with income over $136,500 or joint filers with no children and income over $198,000, are not eligible and will not receive payments. Additionally, you will not be eligible if you do not have a valid Social Security number or can be claimed as a dependent on someone else’s return.
- If you haven't filed a tax return for 2019 or 2018, you will automatically receive $1,200 if you received Social Security retirement, SSDI, survivors benefits, SSI, or Railroad Retirement benefits in 2019. The IRS will use the information from your 2019 benefits to generate a payment to you and you will receive your payment as a direct deposit or by mail, just as you would normally receive your federal benefits.
Payments are automatic for most taxpayers and require no further action. The IRS will refer to the direct deposit information included on your 2019 or 2018 tax return. For those who have filed their tax return but did not elect to receive their refund
via direct deposit, the IRS has launched a web-based portal for individuals to provide their banking information to the IRS online to receive their payment immediately instead of receiving a check by mail. Members receiving the payments via paper checks will begin receiving them by mail in May.
To get notified when your deposit posts, we recommend setting up an alert in Online Banking. To set up an alert, log in and under the 'Services' tab, click 'Alerts' and add a History alert for a credit transaction. Learn More.
On April 15, the IRS launched their "Get My Payment" application so you can view the payment status, confirm your payment type or enter your direct deposit information if your payment has not yet been sent. The application can be found on the IRS.gov website under Economic Impact Payments.
For security reasons, the IRS intends to mail a letter about the Economic Impact Payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.
Your Account Information
Should you need to identify your checking account or savings account number or for Georgia United’s routing number, please view the Resources tab on our website.
If you haven’t enrolled in Online Banking or used our Mobile App, now is a perfect time to start banking from the convenience of your home. You can even deposit checks from your phone with mobile deposit.
Georgia United is committed to maintaining the security of your personal and financial information. Remember that we will never call, email or text you to request your account password or PIN. If you are prompted for this information, do not respond and contact us directly.
Source: IRS. (2020, April 13). Economic Impact Payment Information Center
Content provided for informational purposes only and should not be interpreted as legal advice on any subject matter.