5 FAQs About Economic Impact Payments

In March 2020, Congress passed the CARES Act to provide assistance to American customers and businesses struggling as a result of the COVID-19 Pandemic. In mid-April Economic Impact Payments began making their way to the bank accounts of millions of Americans. At LifeStore, we understand this historic event can bring about several questions. Here are 5 FAQs About the Economic Impact Payment, as well as links to further resources and information.

 

1. How much money will I receive?

The CARES Act outlines specific parameters of who is eligible to receive a payment and how much each individual (or household) can anticipate. While each situation is unique, in general, adults who earn under $75,000 adjusted gross income can expect to receive $1,200. There are also allotments for married couples, and heads of house.

For complete eligibility information, visit the IRS website.

 

2. When Will I Receive My Payment?

The Department of the Treasury began sending payments electronically on April 15. If you filed your 2018 or 2019 tax returns and included your bank’s routing number and your account number, you don’t need to do anything, you will receive your fund via direct deposit.

Additionally, the IRS will use direct deposit by the Social Security Administration to facilitate payment to Social Security recipients.

 

3. Can I receive my payment electronically if I have not enrolled in direct deposit before?

Yes. The IRS has created a web tool called “Get My Payment” where you can check the status of your payment, as well as enter your bank information for direct deposit.

Also, since the IRS has extended the tax filing deadline to July 15, another option is to go ahead and file your 2019 taxes and provide the bank routine and account number on the form.

 

4. I have a bank account. Can I still receive a paper check?

While you can elect to receive a paper check in the mail, be aware that it will take you longer to receive your payment than if you have the funds electronically deposited.

Another important thing to remember about physical checks is that most bank branches are closed to walk in customers at this time, you will need to utilize the drive-thru during regular operating hours, or deposit through and ATM or mobile banking app.

If you want to wait for a mailed check, we recommend that you deposit your check using the remote capture feature within the LifeStore Bank mobile app.  It’s secure and as easy as taking a picture of the check with your phone, just follow the prompts in the mobile app.

 

5. What if I don’t typically file a tax return?

People who don’t typically file a tax return and are not beneficiaries of Social Security may need to file a simple tax return to receive an Economic Impact Payment. Please check the IRS website for more information if this applies to you.

 

At LifeStore Bank, we want you to stay informed. Member FDIC

 

Links to Helpful Resources:

IRS Economic Impact Payments

How to use the IRS tools to get your payment

IRS Get My Payment Tool

How to find your bank’s routing number