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Economic Impact Payments
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.
Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.
Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your direct deposit information to get paid as quickly as possible.
If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return with your banking information. Visit http://www.irs.gov/coronavirus/economic-impact-payments for more information.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate your payment amount. If you have not yet filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment.
Visit irs.gov/coronavirus to learn how much money you may be eligible to receive.
The eligibility for, and amount of stimulus payments, will vary according to your income and family situation, but you can find examples of the various scenarios here.
For eligible recipients, if you have filed a tax return for 2019 or 2018 or receive Social Security from the government, the IRS will calculate and automatically send the economic impact payment to you. The economic impact payment will be deposited directly into the same account you indicated on your tax return.
You'll need to visit the IRS portal and provide your account number and routing number so that you can receive a payment directly to your bank account. Otherwise, you'll have to wait for a check in the mail.
MidCountry Bank may be able to help you open a new account. If you choose to open a new account, you’ll need to provide the account number and routing number to the IRS so they can direct the payment to your account. Use the IRS portal to provide the necessary information.
Alternatively, you can opt to receive a check in the mail. Keep in mind that checks will be distributed over time and will take longer to arrive than a direct deposit.
No, Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your account number and routing number to get paid as quickly as possible.
The Treasury Department has said it wants payments to begin arriving around mid-April. Direct Deposit payments will arrive first.
The IRS has developed an online portal for individuals to check the status of their payment and/or provide their banking information online so that individuals can receive payments directly to their account if their payment has not already been processed as a check.
Anticipated timing for EIP payments is as follows:
- ACH Round One: Week of April 13th
- ACH Round Two: Week of April 22nd
- ACH Round Three: Week of April 29th
- Potential for additional ACH rounds of stimulus payments: Over time
- U.S. Treasury Check Payments Round One: Week of April 20th (subject to change)
For eligible recipients, the fastest way to receive your payment is to make sure you’ve filed a tax return for 2019 or 2018 that includes your direct deposit information so the government can send the money directly to your account.
If you have yet to file a tax return for 2018 or 2019, you should file one now. The IRS will be sending out direct deposits weekly as they process additional tax filings.
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, keep in mind that economic impact payments will be available throughout the rest of 2020.
The IRS has an online portal to check the status of economic impact payments. The portal allows taxpayers, once authenticated, to find out the status of their economic impact payments and, if no payment or check has been issued, they can provide their banking information for direct deposit.
You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made.
Payments will be made in the full amount eligible and are not subject to income tax deductions. According to Treasury, the payments may only be reduced by delinquent child support sent to the Treasury’s Bureau of Fiscal Service for collection, but you will receive notice from the Treasury if this happens.
Maybe. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate economic impact 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. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time. Please visit IRS portal for more information.
No. Economic impact payments are federal income tax refunds and are not subject to federal income tax.
The IRS and its Criminal Investigation Division are reporting a wave of new and evolving phishing schemes (scammers who send emails with links to steal personal information that look like they come from legitimate sources) related to COVID-19. Be aware of the tactics fraudsters may deploy, such as:
- Emphasizing the words "Stimulus Check" or "Stimulus Payment." The official term the IRS is using is, “economic impact payment (or “EIP”).”
- Asking you to sign over your economic impact payment check to
- Asking by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact
- Suggesting that you can get a tax refund or economic impact payment faster by allowing them to work on your behalf. This scam could be conducted by social media or even in
- Mailing you a bogus check, perhaps in an odd amount, then telling you to call a number or verify information online in order to cash
If you receive unsolicited emails, text messages or social media attempts to gather information that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), the IRS is asking that you forward it to phishing at irs dot gov.
Here is a list of additional resources to avoid scams, fraud and identity theft:
Direct deposit is an easy way to have money deposited directly into your checking or savings account without waiting for a check to arrive in the mail. Simply provide the IRS your account and routing number by filing a tax return or using the IRS portal. The money will move directly into your account once it is sent.
You can typically find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. MidCountry Bank’s routing number is: 291970033.
The next set of numbers — just to the right of the routing number — is your account number.
Please visit the IRS portal for guidance on how to set up or change your direct deposit information.
You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot locate the payment and have not received a paper notice, then check the web-based portal for the status of your payment as it may still be processing.
You can also check to see if the money has arrived by signing into online or mobile banking and checking your transaction history.
Please visit http://www.irs.gov/coronavirus/economic-impact-payments to learn more.
MidCountry Bank will cash economic impact payment checks for customers only. There is no fee for this service.
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