In response to the financial impact caused by COVID-19, Congress passed a $2 trillion stimulus bill to aid American families during this economic slowdown. Although many people have heard about the bill, many may not realize that payments are being deposited into accounts starting April 15, 2020. We know that you may have questions about these payments, so we have compiled a list FAQs below. The IRS will continuously post updates regarding stimulus payments. Rather than call, visit irs.gov/coronavirus to stay up-to-date with the latest information.
Who is eligible for the stimulus payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Payments will be based off latest taxes filed; 2018 will be used for most Americans, unless you already filed for 2019. For more information, visit the IRS website.
How much will I receive?
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.
When will I receive the stimulus payment?
The first wave of electronic payments is expected to arrive through direct deposit on April 15, 2020. The IRS will use the bank account information from either your 2018 or 2019 filed tax return or from the Social Security Administration. If you believe your direct deposit information has changed, the Treasury has developed a web-based portal to provide your banking information to the IRS online. You can find that portal at https://www.irs.gov/coronavirus/economic-impact-payments. Otherwise, you will receive a check in the mail.
How will I receive the stimulus payment?
The majority of people do not need to take any action. The IRS will calculate and automatically send the stimulus payment to those that are eligible. If you have already filed your 2019 taxes, the IRS will use this information to calculate the payment amount. For those who have not yet filed for 2019, the IRS will use your information from the 2018 tax filings to calculate payment. The payment amount will be directly deposited into the bank account associated with the tax filing. The easiest way to see if you’ve received your payment is to log into Online Banking or our Mobile App.
What should I do if the IRS does not have direct deposit information?
If you do not file taxes, you can submit your direct deposit information on the IRS website if you:
If you meet either of these conditions, visit https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here to submit your direct deposit information. More information on what is needed and what to expect is listed on the website.
I am not required to file a tax return. What should I do?
The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate stimulus payments to recipients who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients, and railroad retirees who are not otherwise required to file a tax return.
We understand you may have questions on how this will affect you and your family’s financial situation. Know that our team is still available and ready to assist you. Contact our Call Center at 816.504.2800 during normal business hours with any questions. And remember, we’re in this together.