Many of you are hearing about the stimulus payments that the federal government is disbursing, called the Economic Impact Payments (EIP). As you may know, some payments are now being deposited into bank accounts. The IRS is working to distribute these payments as soon as possible. Knowing that there may be many questions regarding this payment, we are sharing a FAQ to help. As we continue to receive guidance, there is a chance that some information may change. Your local Bryant Banker can also help answer questions that you may have!
What are the important websites that I should be aware of?
- Avoiding Coronavirus Scams – Tips from the FTS
- Economic Impact Payments – Information Page
- Get My Payment – Check Status of Payment
EIP Frequently Asked Questions
This looks like a lot of information. How can I quickly locate my local Bryant Bank phone number?
- Click here to visit our Locations page.
Am I eligible?
- There are certain levels of eligibility when it comes to the EIP. Use this as a guide to help determine if you are eligible.
- U.S. citizens or resident aliens will receive $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work-eligible Social Security number with adjusted gross income up to:
- $75,000 for individuals
- $112,500 for the head of household filers and
- $150,000 for married couples filing joint returns
- Taxpayers will receive a reduced payment if their AGI is between:
- $75,000 and $99,000 if their filing status was single or married filing separately
- $112,500 and $136,500 for the head of household
- $150,000 and $198,000 if their filing status was married filing jointly
- The amount of the reduced payment will be based upon the taxpayer’s specific adjusted gross income. Payments are reduced $5 for every $100 over the thresholds.
- The following individuals (taxpayers) are NOT ELIGIBLE to receive payments:
- They have income in excess of the income thresholds.
- The taxpayer can be claimed as a dependent on someone else’s return.
- The taxpayer does not have a valid Social Security number (a taxpayer with an ITIN will NOT qualify).
- The taxpayer is a nonresident alien; or
- The taxpayer filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.
- U.S. citizens or resident aliens will receive $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work-eligible Social Security number with adjusted gross income up to:
Why was my payment not $1,200? That’s what I thought it was supposed to be.
- Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. This reduction applies to the EIP for a qualifying child. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
Where is my payment?
- If you filed your 2018 and/or 2019 tax return, eligible taxpayers who filed tax returns will automatically receive their payments in the first wave of payments being sent out. If you have not received your payment, the government has provided the Get My Payment resource so that you can check your payment status, confirm your payment type, enter your bank account information for direct deposit if they do not already have that and more.
When will direct deposits and checks begin to arrive?
- Direct deposits began to arrive on April 15th. Paper checks are expected to be mailed starting in May. However, this will happen in batches and could take up to several weeks to send out. If you would like to receive your funds via direct deposit, complete the required application here.
I received a letter from the IRS. What is it?
- For security reasons, the IRS plans to mail a letter about the EIP to your last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If you’re unsure if you have received a legitimate letter, the IRS urges you to visit IRS.gov first to protect against scams.
Will the IRS call or text me about personal information?
- No! This is a scam. It’s important to remember that a government agency will never ask you for your personal information or threaten your benefits. With the rollout of EIPs, there is an increased risk of scams. It’s important to stay vigilant and aware of unsolicited communications asking for your personal or private information – through the mail, email, phone call, text, social media or websites that ask you to verify personal information, suggest that you can get a faster payment if they fill out the information on your behalf, sign the check over to someone, etc. If you ever have any questions, feel free to contact your Bryant Banker.
What account will my EIP go to?
- The EIP will be deposited directly into the same banking account reflected on the return filed. If a banking account is not reflected on the return, paper checks will be mailed to the address on your return. If your account number is no longer valid, tax filers are able to use the Get My Payment application to provide updated bank account information.
What if my spouse or dependent is now deceased?
- EIPs will generally still be posted to your account; however, please note that the U.S. Treasury may be in contact with you to return the deceased individual’s payment portion. If there is concern about where the payment will go, please use the Get My Payment application to provide their updated bank account information if the IRS doesn’t have their direct deposit information and hasn’t mailed their payment.
What if I was married when I filed my last tax return, but am not divorced and haven’t filed?
- If you maintain the same account as you had from your last tax return (2018/2019) and you were still married at that time, then yes, the joint EIP may be deposited into your spouse’s account. It is possible the bank has returned this payment, and you will need to update your information with the IRS or a physical check that is in both names will be sent to the address on your 2018/2019 tax return. The Get My Payment application can be used to update bank account information.
What if my account is overdrawn when the payment is posted?
- If your account is overdrawn at the time the economic impact direct deposit is posted, the overdrawn balance will automatically be deducted from the direct deposit amount.
What if my account has been closed?
- If you have another open account with Bryant Bank:
- We may reroute your EIP into your current account with our bank after verifying that the account has the same ownership as your previous account.
- If you do not have another deposit account with us, the EIP will be returned to the United States Treasury. You should utilize the Get My Payment application to track the payment and provide updated account information.
- What if the account charged off?
- Your economic impact payment will be returned to the United States Treasury. Please use the Get My Payment application to track the payment and provide updated account information.
What happens if my account is in dormant/inactive status?
- Your economic impact payment may still be posted to your account. You will need to contact Bryant Bank at 1-855-427-9268 to get help.
Can the government garnish or reduce my EIP?
- No. However, your EIP will not be subject to most types of federal offset or federal garnishment as a result of defaulted student loans or tax debt. However, the payments are still subject to garnishment if you’re behind on child support.
What if I am not required to file a tax return?
- The answer to this question is quite lengthy so we encourage you to talk with your Bryant Banker about this. However, Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. Social Security Disability Insurance recipients are also part of this group who do not need to take action. These recipients will receive payment just as they would normally receive their benefits.
- Other individuals, such as low-income workers or certain veterans and individuals with disabilities who are not required to file a tax return are still eligible for the EIP. You will need to visit the EIP webpage and use the Non-Filers: Enter Your Payment Info Here section. You can provide the necessary information to the IRS easily and quickly for no fee by using this website. After providing this information, you won’t need to take any additional action.
