.png?Status=Temp&sfvrsn=91c53d6b_2 "INTRUST"){kind=logo}
On December 21, 2020, Congress authorized a $900 billion coronavirus relief package to provide assistance to American consumers and businesses struggling as a result of the coronavirus pandemic. A provision of the law includes sending government payments to eligible Americans. This reflects our best understanding of the economic impact payment (EIP) program as of 12/30/2020. We encourage you to visit the IRS website for updates and information related to your specific situation.
1. How large of a payment will I receive?
The Internal Revenue Service is responsible for determining eligibility. In general, each adult with an adjusted gross income (AGI) of $75,000 or less will get $600. Spouses, who file taxes jointly, and earn a combined AGI of $150,000 or less will each get $600 (for a total of $1,200). If you have dependent children who are 16-years-old or younger, you will receive an additional $600 for each child. So, a married couple with two eligible dependents may receive up to $2,400.
Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments, with full phase-outs at $87,000 and $174,000.
For complete eligibility information, please visit the IRS website.
2. Will college students be eligible to receive a payment?
A college student who can be claimed as a dependent on someone else's tax return is generally not eligible for an economic impact payment.
For complete eligibility information, please visit the IRS website.
3. When will I receive my payment?
It is expected that more than 130 million payments will be made via direct deposit to recipients' bank accounts in the first three weeks in January. The government is also expected to make some payments to recipients that have not provided their bank account information by Treasury-issued prepaid cards. These cards will be sent via the U.S. Postal Service.
Please check the IRS website for updated information about payment methods and timing.
4. Can I receive my payment electronically if my current information is not on file with the IRS?
The IRS developed an online portal called Get My Payment for you to check the status of your information and payment. For this round of payments, the IRS is not activating its online portals to accept new bank routing information from recipients scheduled to receive a paper check.
5. What can I do to prevent fraudsters from accessing my funds?
There will be an increased number of scammers looking to take advantage of funds disbursed through the relief package. It is important to never provide your bank account, debit or credit card number to anyone. Also, never share your passwords or online banking login credentials and know that INTRUST, or any legitimate company, will never request your password. Learn more about how to protect yourself from COVID-19 scams.
6. What happens if a payment is made to someone who is deceased or a non-resident alien?
The legislation states that eligible recipients who were alive as of 1/1/20 are enabled to receive EIPs. If the recipients dies between 1/1/20 and receiving an EIP, that payment remains valid. These payments would be accepted through the deceased’s estate. Non-resident aliens are not eligible and should return the funds using instructions provided by the IRS.
Posted:
12/30/2020
Category:
Recommended Articles
