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What You Need to Know about IRS Economic Impact Payments

The Internal Revenue Service (IRS) has now provided additional information about the IRS stimulus payments, known as Economic Impact Payments or COVID-relief checks. The deadline to file and pay federal income taxes has been extended to July 15, 2020, but if you have already filed your 2019 tax returns, the IRS will use this information to calculate the payment amount. If you have not yet filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same bank account reflected on the return filed.

Here’s how to tell if you are eligible for a COVID-relief check and how much to expect to receive:

Filing as an Individual

If you filed your taxes individually in either 2018 or 2019 and have an adjusted gross income (AGI) of up to $75,000, you can expect to receive $1,200. If your AGI is between $75,000 and $99,000, your payment amount will be reduced by $5 for every $100 above the $75,000 threshold. If you have children, you will receive up to $500 for each qualifying child (dependent under the age of seventeen).

If you have no children and have an AGI over $99,000, you are not eligible to receive this stimulus.

Filing Jointly

If you filed your taxes jointly in either 2018 or 2019 and your AGI is up to $150,000, you will receive $2,400. If your AGI is between $150,000 and $198,000, your payment amount will be reduced by $5 for every $100 above the $150,000 threshold. If you have children, you will receive up to $500 for each qualifying child (dependent under the age of seventeen).

If you have no children and have an AGI that exceeds $198,000 jointly, you are not eligible to receive this stimulus.

How Will I Get My Economic Impact Payment?

According to the U.S. Department of the Treasury, direct deposits began processing on April 9. If you used direct deposit to get your tax refund in 2018 or 2019, the IRS will automatically direct deposit your stimulus check into the account you specified for your most recent filing.

If you did not use direct deposit in 2018 or 2019, or the bank account you used is no longer available, the IRS is developing a portal at irs.gov/coronavirus, where you will be able to give them updated account information.

If you did not use direct deposit for your 2018 or 2019 tax return and do not provide your information to the IRS through their portal, your payment will default to being sent by a check in the mail, which will delay the process of getting your stimulus payment.

How do I set up Direct Deposit?

If you have never used direct deposit before, check irs.gov/coronavirus in a few days to find the direct deposit form the IRS will be launching. You will need the routing and account number associated with the account you would like to use to receive the direct deposit. Campus Federal’s routing number is 265473401, found on in the footer at the bottom of our website CampusFederal.org.

If you get a check from the IRS in the mail instead of direct deposit, you can use Campus Click Mobile Deposit to get the money into your account without having to come in to a branch or ITM/ATM.