Stimulus PaymentsOn December 26, 2020, the U.S. Congress passed a bill authorizing additional Economic Impact Payments (EIPs)—also known as stimulus payments—to many Americans to help them pay expenses during the COVID-19 pandemic. Following are a few frequently asked questions that we receive. Please visit the government website irs.gov for more detailed information, which will be updated as new information becomes available.
Who will receive a stimulus payment and how much will it be?
- Individual tax filers with 2019 adjusted gross income up to $75,000 will get $600.
- Taxpayers who filed jointly as a couple and earned up to $150,000 in 2019 will get $1,200.
- Tax filers get an additional $600 per dependent under age 17.
- Tax filers using the head of household status and who make up to $112,500 annually also get $600, plus the additional amount for children.
- For individuals without children, the payments go to zero when income reaches $87,000 and that limit is $174,000 for married couples.
- If you have an income a little over the levels mentioned above, you will receive a partial payment that declines by $5 for every $100 in income above these income levels.
- Eligible individuals who don't receive a payment via direct deposit or mailed check will have to request a $600 refund when filing their 2020 tax returns.
- If your 2019 income was too high to allow you to qualify for this stimulus payment, but your 2020 income fell below the limit, you may still receive the benefit when you file your 2020 federal income tax return, which will offer an option to claim this newest stimulus payment as a refundable tax credit.
When will I get my stimulus payment?
- Distribution of economic impact payments is expected to begin early in January 2021 and continue for several weeks, and the payments will be distributed automatically, with no action required for most people. The Internal Revenue Service (IRS) will calculate and automatically send the economic impact payment to those eligible for them.
- If you have not received a stimulus payment by the third or fourth week in January 2021, you should check the IRS site for more information.
How will I get my stimulus payment?
- The IRS will direct deposit payments into a financial account that the tax filer provided on their most recent tax return. If direct deposit with the IRS has not been set up by the tax payer, the IRS will mail checks or, possibly, debit cards.
How can I check on the status of my stimulus payment?
- You can check the status of your stimulus payment by going to the IRS site.
Is there anything that I can do that will help me get my stimulus payment faster?
- Please note that the credit union cannot speed up government payments; it receives money when it is provided by the government.
- The most important thing members can do to assist with getting their stimulus payment as quickly as possible is make certain that their savings/member account and checking account numbers provided for direct deposit are correct with other financial institutions and with the IRS. Members are responsible for providing their correct Radiant Credit Union account numbers to other organizations where they have accounts or relationships, including to the Internal Revenue Service.