The Internal Revenue Service is issuing Economic Impact Payments (EIP) to qualified households through direct deposit or treasury checks. These payments will help many who face decreased or no income as a result of the economic effects of the coronavirus (COVID-19).
While the IRS is the best and most up-to-date resource for information about the payments, the following information outlines important details you should know.
Who qualifies?
U.S. citizens or individuals who qualify as residents for tax purposes, if you:
- Have a valid Social Security number.
- Could not be claimed as a dependent of another taxpayer.
- Had adjusted gross income below an amount based on your filing status and the number of your qualifying children.
Direct deposits
If you received your 2018 or 2019 tax refund through direct deposit, IRS will have your banking information and deposit your EIP into that account. If you did not file taxes in 2019, they will pull from your 2018 taxes.
Individuals who did not file a tax return in 2018 or 2019 – but receive Social Security benefits electronically and received a tax form 1099 – will also see their EIP deposited directly into their accounts. There is no need to file a simple tax return as previously stated.
If you did not file a tax return in 2018 or 2019 and don’t receive Social Security benefits, you may still be eligible for the payment and you can register with the IRS as a non-filer.
Others interested in receiving their EIP via direct deposit will need to provide their banking information to the IRS via an online portal.
Use Everence online banking or the mobile app to monitor when your payment arrives.
Payment by check
Those without direct deposit will receive their EIP in the form of paper checks sent through the mail. The IRS began mailing checks on April 18, 2020 and will continue to mail them until they are all delivered.
The memo field on the check will have the notation “Economic Impact Payment, President Donald J. Trump.” To learn more about U.S. Treasury checks, visit tcva.fiscal.treasury.gov.
Everence Federal Credit Union members may deposit their EIP checks through mobile deposit in the EFCU app. Remember that when you’re making a mobile deposit:
- All payees named on the check must be on the intended deposit account.
- The back of the check must be endorsed by all payees with “Everence Mobile Deposit” written under the signatures.
- You should hold on to the original check for at least 30 days to ensure the deposit has been accepted.
You can also deposit your check through our drive-thru locations or night drop boxes.
When will I receive my check?
You may visit Get My Payment on the IRS.gov website for an update on whether you’re eligible to receive an EIP. You may also use this portal to provide the IRS with your bank information to receive a direct deposit.
Beware of scams
All official communication regarding the EIPs will come from the IRS through the U.S. Postal Service. The IRS will not contact you by phone or email. Never give your Social Security Number or banking information over the phone or email.
What can I do with my check?
Here are some ideas for how to use your check:
- Pay for utilities, rent, food or other necessities.
- Start or add to your emergency fund to help cover unexpected expenses.
- If your financial situation is stable, consider donating your payment to your church or favorite nonprofit as they may experience decreased funding during times of economic downturn.