Economic Impact payments are on their way, and most Americans have already received their money.
But, what does it mean for you if you haven’t?
The IRS began sending out stimulus payments in April. But if you haven’t received yours yet, there’s no reason to panic. Retirees, senior citizens, and taxpayers who filed income taxes in 2018 and 2019 and included direct deposit information were the first groups to receive their payments.
If you’re not in one of those categories, you’ll still receive a payment, but it’ll arrive by mail instead of being directly deposited into your checking or savings account. Taxpayers who didn’t include direct deposit information will receive a paper check sometime in May.
The IRS does a feature on its website that will allow taxpayers to provide direct deposit information if their check hasn’t yet been mailed. However, the feature isn’t slated to be up and running until mid-April.
Most taxpayers are eligible to receive a stimulus payment. The payments are automatic, and no further action is needed to receive the payment.
The amount, however, will vary based on filing status, the number of dependents and adjusted gross income (AGI). Individuals or head of household filers will receive $1,200, while married taxpayers filing jointly (if they aren’t a dependent of another taxpayer) will receive $2,400. Taxpayers will receive up to $500 per dependent claimed on their federal tax returns in 2018 and 2019.
Stimulus payments are based on the AGI claimed by the filer. Taxpayers will receive the amounts listed above if they have a work-eligible Social Security number and adjusted gross income up to:
Taxpayers will receive a reduced payment if their AGI is:
You may track the status of your payment here.
The website is open to non-filers. If you didn’t file a 2018 or 2019 federal income tax or you weren’t required to, you can enter your information on the IRS website and select the preferred method of payment.
We’re facing an unprecedented situation that seems to be changing daily. Please know, Maple Federal Credit Union is here for you during this time. If you’re facing an uncertain financial situation, talk to us. Let us help you find a solution that works for you while you’re waiting for your stimulus payment. We have several options available to our members because we want to help them come through this stronger. Please don’t hesitate to reach out and let us know how we can be there for you.
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