Congress recently passed a new $900 billion stimulus bill to aid American families and businesses during this economic slowdown. This bill includes a second round of economic impact payments totaling $600 for those who meet the income requirements. As of December 30, 2020, these payments have already begun being direct deposited into accounts. We know that you may have questions regarding these payments, so we have compiled a list of FAQs below. The IRS is continuously posting updates regarding stimulus payments. Rather than call, visit https://www.irs.gov/coronavirus/economic-impact-payments for more 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 $87,000 and $174,000 for joint filers are not eligible. Payments will be based off 2019 tax returns. For more information, visit the IRS website.
How much will I receive?
Eligible taxpayers will automatically receive an economic impact payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.
When will I receive the stimulus payment?
The first wave of electronic payments started going out on Wednesday, December 30, 2020. The IRS will use the bank account information from your 2019 filed tax return or from the Social Security Administration. Tax payers with direct deposit information on file with the IRS will receive the payment that way. A check or debit card will be mailed out to those without current direct deposit information on file.
How will I receive the stimulus payment?
The IRS will calculate and automatically send the stimulus payment to those that are eligible. The IRS will use your 2019 tax information to calculate the payment amount. 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. Otherwise, those that are eligible will receive a check or debit card in the mail.
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.