2020 IRS Economic Impact Payments – What You Need to Know

economic impact statements image man holding twenty dollar bills

All information on this page courtesy of “Economic impact payments: What you need to know” from IRS.gov. Greensboro Municipal Federal Credit Union is not a representative of the Internal Revenue Service.  While we are able to answer questions directly related to your GMFCU account, we cannot answer any questions related to the timing or disbursement of these payments. If you have questions concerning the economic impact payments, please visit IRS.gov/coronavirus.

Updated April 15, 2020

On March 30, 2020, the IRS announced that they would be distributing economic impact payments to help individuals and families during COVID-19 shutdowns.  For most people, these will be distributed automatically with no action required.  However, if you did not file a return in 2018 or 2019 you will need to submit a simple tax return to receive your economic impact payment.

In order to help understand the process, we have put together the following information as recommended by the IRS through their website.

IRS launches “Get My Payment” feature to track status of payments

If you filed taxes in 2018 or 2019, you can check the status of your payment by visiting the IRS’s Get My Payment page (click here).  This feature also allows you  to input Direct Deposit information if they do not have that on file for you. If you need to input your Direct Deposit information for GMFCU and do not have that, give us a call at 336-373-2090 during normal business hours and we can get you this information. If you have not filed taxes for 2018 or 2019, read on to see if you are eligible to receive payment and what you need to do to receive your payment.

Who is eligible for these payments?

Eligible tax payers who filed returns in 2018 or 2019 will receive the following:

  • Single filers – $1,200
  • Married filers – $2,400
  • Qualifying children (dependents aged 16 or younger) – up to $500 each

Single tax filers with adjusted gross income up to $75,000 and married tax filers with adjusted gross income up to $150,000 will receive the full payment. For filers with income higher than these amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with no children and income exceeding $99,000 and joint filers with no children and income exceeding $198,000 are not eligible to receive the payment.

If you receive Social Security and are not required to fill out a tax return, you are eligible and will not be required to file a return. You will automatically receive your payment in the manner you usually receive your Social Security payment (direct deposit or paper check).

How is the IRS sending these payments?

If you have already filed your 2019 tax return, the IRS will use this information to calculate your payment amount and send your payment.  If you have not filed your 2019 return, the IRS will use your 2018 return to calculate and send your payment.

If you elected to receive your 2019 (or 2018 if you haven’t filed yet) refund via direct deposit, your funds will automatically be direct deposited into the same account your refund was deposited.

What if the IRS does not have my direct deposit information?

If your 2018/2019 refund was sent to you in the form of a check, the IRS will send your economic impact payment in the form of a check.  Checks will take longer to process than direct deposits.

What if I was a “Non-Filer” in 2018 or 2019?

The Treasury has created a web-based portal for individuals to provide their direct deposit information to the IRS online so that they will be able to receive these payments as soon as possible.  If you are an eligible U.S. citizen or permanent resident who had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019 or were not otherwise required or did not plan to file a federal income tax return for 2019. To fill out this form, visit the IRS website and click on “Non-Filers: Enter Payment Info Here”.  You will need to provide your full name, current mailing address, email address, date of birth, Social Security number, bank account number/type and routing number, Identity Protection Personal Identification Number (IP PIN) from the IRS (if you have one), driver’s license or state-issued ID (if you have one), and information for any qualifying child (full name, Social Security number or Adoption Taxpayer Identification Number, and relationship to you or your spouse).  If you are wishing to provide your GMFCU account for Direct Deposit and are not sure of the routing and account information, give us a call at 336.373-2090 and we can assist you with this information.

I am a senior citizen, Social Security recipient, or railroad retiree and I am not typically required to fill out a tax return. How will I receive my payment?

The IRS will use the information on forms SSA-1099 or RRB-1099 to calculate and send your payments. Individuals in these circumstances will receive $1,200 per person. The IRS does not have information regarding dependents for these individuals, so the additional dependent amount would not be available at this time.

I have an obligation to file taxes for 2018 and/or 2019 but I have not filed yet. Will I still receive a payment?

Yes. The IRS recommends you file as soon as possible so that you can receive your economic impact payment. The IRS recommends you include your direct deposit information on your return for fast processing.  If you are concerned about visiting a tax professional or get help with your filing, the IRS will keep payment options open through 2020 and you will be able to file as soon as distancing regulations are lifted.  Many tax professionals have online or telephone options that may be helpful in filing your taxes sooner rather than later.

I’ve had a phone call/letter/text/email offering to get my payment for me now. Is this a scam?

Yes. The IRS will not be contacting you directly.  For more information on Coronavirus and Economic Relief Payment scams, please visit the Federal Trade Commission’s Coronavirus Scams website.

I have questions or need more information. Where can I go to get answers?

The IRS is posting all key information on their website at IRS.gov/coronavirus. This information is updated regularly and the IRS recommends this be your connection to them at this time as they are working with a reduced staff. Greensboro Municipal Federal Credit Union is not a representative of the Internal Revenue Service.  While we are able to answer questions directly related to your GMFCU account, we cannot answer any questions related to the timing or disbursement of these payments.