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Economic Impact Payments - FAQs for our members

Posted on April 14, 2020

Economic Impact Payments will soon be sent to each American to help relieve financial stress during the COVID-19 Pandemic. Here are some Q&A's.

Who’s eligible for payment and how much should I get?

Individual taxpayers with an adjusted gross income up to $75,000 will automatically receive $1,200. Married couples filing a joint return with an Adjusted Gross Income up to $150,000 receive $2,400. Parents will also receive $500 per eligible child under age 17.

Payments will be reduced by $5 for every $100 above the $75,000/$150,000 income thresholds.

Single filers with income exceeding $99,000 and joint filers with income above $198,000 with no children are not eligible. NerdWallet has a free payment calculator, CLICK HERE to check yours.

Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

What do I need to do to get paid?

If you are a normal taxpayer, you likely don’t need to do anything to get the payment. The IRS will use information from your latest completed tax return, to determine eligibility. Payments will go out automatically to the bank account on file.

Taxpayers who do not file returns can enter their payment information to receive an economic impact payment by going HERE. This includes those receiving Veterans benefits and people who typically do not need to file or have zero adjusted gross income.

Retirees who don’t normally file do not have to take any action to receive their payment. Here’s how the IRS explains what will happen for these folks:

“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.”

When will I receive the money?

Payments are starting to go out this week, but when you’ll receive yours varies widely. WV Central has recieved the first push, and the funds will post to members accounts on Wednesday April 15th, though banks and credit unions have no control over when each individual will get paid. Paper checks will begin going out in May. It may take up to 20 weeks for everyone to receive their money.

To check the status of your payment from the IRS website - you can click HERE.

How will I receive the funds?

If you’ve provided direct deposit information with your last tax return for a refund, the IRS will deposit the funds into that account.

The money will first show as pending on your account and be tagged Tax REF IRS ID.
If the IRS does not have your direct deposit info, they’ll send a paper check by USPS.

Will someone contact me about the Economic Impact Payment?

Beware of calls, phishing emails and messages via social media that attempt to scam you out of your money or steal your identity.

WV Central has set up the following page to give you resources durrinfg the COVID 19 Pandemic - https://www.wvccu.org/COVID-19-Resources.aspx