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IRS Economic Impact Payment Guide

Home Resources IRS Economic Impact Payment Guide

On April 2, 2020, the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic. 

The U.S. Treasury has made it a priority to transmit as many of these payments by ACH as possible, but will also rely on check for a significant portion of these payments when ACH information is not available.  The anticipated timing for these payments is as follows:

•                  ACH Payments Round One:  Commenced Last Week

•                  ACH Payments Round Two: April 22

•                  ACH Payments Round Three: April 29

•                  Potential for additional ACH rounds of stimulus payments: Over time

•                  U.S. Treasury Check Payments Round One:  Beginning the week of April 20th (details are subject to change)

As always, Sentry Credit Union is committed to providing the guidance and support you need so you can focus on your loved ones’ health and wellness and staying safe. If your finances have been impacted by the pandemic, you're not alone. We’re here to help you understand how to get your economic impact payment quickly and safely. 

Economic impact payment top tips:

1.    Check to see if you’re eligible. Visit irs.gov/coronavirus for questions on eligibility.

2.    Get in the know about avoiding fraud and scams. Use the #FTCScamBingo to learn more about avoiding COVID-19 related scams.

3.    Take steps to avoid getting a paper check so you can get your money faster without having to leave your home. In the coming weeks, the IRS will be developing a portal where consumers can check the status of their refund and provide their direct deposit information. Check irs.gov/coronavirus for timing.

How much money am I eligible for?

According to the U.S. Treasury, 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 the 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.

Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required.

Parents also receive $500 for each qualifying child.

How can I find more information about my payment?

The IRS developed a web-based portal (Get My Payment) where you can check the status of your refund and provide your direct deposit information.