The Internal Revenue Service (IRS) has provided more information about the IRS stimulus payments they will distribute within the next 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.
Filing Jointly
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.
Explorers Credit Union’s routing and transit number is 291480141. You can also find the routing number at the bottom of your check. Your account numbers is the string of numbers to the right of the routing number.
If you do not have a check available to reference, please use the following to properly list your account number:
Checking Account
The proper account format is 13 digits long. If you take your base account number followed by 04 to designate checking, then add enough zeros in front to make it 13 digits – this will be the account number you use to designate your direct deposit. For example, if your account number 12345 and you add 04 to designate checking, the account number would be:
0000001234504
Savings Account
If you take your base account number followed by 000 to designate savings, this will be the account number you use to designate your direct deposit. For example, if your account number 12345, the account number would be:
12345000
EXPLORERS CU MEMBERS: If you have any trouble finding this information, give us a call at 1-800-491-4309.
