What you need to know...
The Internal Revenue Service (IRS) has provided more information about the second round of the IRS stimulus payments, also referred to as Economic Impact Payments or COVID-relief checks. There are a lot of details to this stimulus package, so we've worked to compile everything you need to know.
Under the COVID-19 crisis legislation enacted by Congress and the President, taxpayers who filed their tax returns for 2019 may receive a payment of up to $600 for individuals, or $1,200 for married couples and up to $600 for each qualified child. Payments are set to be direct deposited whenever possible, which will expedite access to funds.
How Will I Get My Payment?
If you used direct deposit to get your tax refund in 2019, the IRS will direct deposit your stimulus check into that same account. If you did not use direct deposit in 2019, Get My Payment is a portal that will not only provide payment status information (including the date that payment is scheduled to be deposited or mailed), yet may allow those eligible a chance to provide their bank account information so they can receive their payments more quickly rather than waiting for a paper check. If you did not use direct deposit for your 2019 tax return and don't input your information, you will receive a check or debit card in the mail.
When will I get my payment?
According to the U.S. Department of the Treasury, direct deposits will start on January 4th, 2021, which is the official date funds are available. Direct deposit payments may take several days to post to individual accounts.
Paper checks also began going out and will continue to be sent through Janaury for Americans who choose to receive their Economic Impact Payment by physical check (i.e. those who do not use direct deposit to receive their tax refund or do not fill out the IRS form at irs.gov/coronavirus). Some people will be mailed debit cards in January and the IRS urges people to carefully check their mail.
What if I’m not required to file a tax return?
Social Security recipients, senior citizens, and railroad retirees do not need to do anything to receive their Economic Impact Payment. Each person who falls into one of these brackets will receive $600. The IRS will use Form SSA-1099 or Form RRB-1099 to determine where to send your payment. For those who do not usually file tax returns, there is a non-filer tool where direct deposit information can be entered. This site can also be used to declare a qualified dependent is not previously known to the IRS because no return had been filed.
Where can I find more information?
There is lots more information available on the IRS Newsroom page or the IRS Coronavirus page. These two resources are updated frequently with new information.
Never used direct deposit? What do I need to know?
If you’ve never used direct deposit before, you’ll need to check this page for the direct deposit form. Then you’ll need to know some information about your credit union or bank account, specifically the routing and account numbers associated with the account you’d like to receive the deposit in.
The routing number for your financial institution can be found at the bottom of your check. If you don’t have checks, CWCU's routing and transit number is 323274076, which you can also find at the bottom middle of this website page. If you want to find your account number in Online Banking, go to www.centralwcu.org and login to Online Banking, select your checking account you want the deposit in, then click on the information icon. Your direct deposit account number will be listed below your current and available balances. Please call or text CWCU at 541.928.4536 with questions or concerns.
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