Stimulus PaymentsOn March 11, 2021, the U.S. Congress passed the American Rescue Plan Act of 2021 which authorized distribution of additional Economic Impact Payments (EIPs)—also known as stimulus payments—to many Americans to assist with 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 (or 2020 if tax return has been filed at time of calculation) adjusted gross income up to $75,000 will get $1,400.
- Taxpayers who file married filing jointly and earned up to $150,000 in 2019 (or 2020 if tax return has been filed at time of calculation) will get $2,800.
- Tax filers get an additional $1,400 per dependent claimed on their tax returns.
- Tax filers claiming head of household status and who make up to $112,500 annually also get $1,400, plus the additional amount for dependents.
- Stimulus payments phase out as adjusted gross income approaches $80,000 for single filers, $120,000 for head of household, and $160,000 for married couples filing jointly.
- If your income exceeds the levels mentioned above, you will receive a partial payment that declines by $19-$28 for every $100 in additional income based on your filing status.
- Eligible individuals who don't receive a payment via direct deposit or mailed check will have to request a $1,400 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 Mid-March 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 already have a pending deposit, the payments will not post to your account until the morning of 03/16/2021 (Tuesday). Radiant Credit Union is not holding your funds. This posting date is set by the IRS/Treasury Department.
- If you have not received a stimulus payment by early April 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 website.
Is there anything that I can do that will help me get my stimulus payment faster?
- Please note that Radiant Credit Union cannot speed up government payments; the institution receives deposits only when distributed by the U.S 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.