FAQs For The Economic Impact Payments - BTC Bank

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FAQs for the Economic Impact Payments

 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows for individual and families to receive an economic impact payment from the US Treasury.  The IRS encourages all individuals to check the status of their payment.  Most individuals will not need to take any action and due to the high demand they don’t recommend calling.  Below are a list of FAQs that will help you determine if any action is needed on your part. If you would like more information regarding the economic impact payments please visit the IRS website. 

1. Do I qualify to receive the economic impact payment? How is it calculated?
   1. Eligible taxpayers who filed a tax return for either 2019 or 2018 will automatically receive a payment up to $1200 for individuals or $2,400 for married couples filing jointly. Parents will also receive $500 for each qualifying child. 
   2. To receive the full amount, taxpayers must have an adjusted gross income of $75,000 or less for individuals or $150,000 for married couples filing jointly. For filers with income above those thresholds, the amount will be reduced by $5 for every $100 above the $75,000/$150,000 thresholds.  Single filers with income greater than $99,000 and $198,000 for married couples filing jointly with no children are not eligible. 
   3. If you are a dependent on another tax return you will not be eligible for the impact payment.
2. How will I receive the economic impact payment?
   1. The IRS will send the impact payment using the information that was provided with the 2019 tax return.
   2. If you have not filed your 2019 tax return, the IRS will utilize the information provided on the 2018 tax return. If you need to change information (account number or mailing address), the IRS recommends filing your 2019 tax return as soon as possible.  This is the only way to let them know the information has changed. 
   3. If you did not provide direct deposit information on your 2018 or 2019 tax return the IRS will send your payment via check. If they have not sent your payment yet you can utilize the “Get Your Payment” feature on their website to set up direct deposit.  
3. What if I didn’t have to file a tax return, will I still receive an impact payment?
   1. If you don’t file taxes use the “Non-Filers: Enter Your Payment Info Here” application to provide simple information so you can receive your payment.
4. When will I get my economic impact payment?                
   1. Some people may already see the first impact payment in their account. The first batch of payments were sent with an effective date of April 15th. 
   2. The next round of payments will have effective date of Wednesday, April 22nd.
   3. The final payment will have an effective date of April 29th.
   4. For those who will receive a paper check, the check processing is expected to start on April 20th. The first batch will be released on May 4th and could continue as long as 20 weeks. 
   5. For those who have not filed a 2018 or 2019 tax return, you will have until year end to do so in order to claim the payment.
5. Do I have to pay tax on this payment?
   1. The impact payment is not taxable because it is an advance on a refundable credit against your 2020 tax liability. The final payment amount will be based on your 2020 income.  For example, if you had a child in 2020 and your income is within the required thresholds you should receive an additional $500 credit on the 2020 tax return.  If you happen to exceed the income thresholds in 2020 and did not in 2019 you will not be required to pay back the overpayment. 
6. What is the status on my payment? How will I know if they need more information?
   1. Please utilize the IRS website for an updated status on your payment. You will be able to check the status of your payment, see when your payment is expected to arrive, and if the IRS needs any additional information from you.
7. Will the IRS contact me regarding my payment information?
   1. No! The IRS, US Treasury, or BTC Bank will never call you or text you asking for your bank account information.  If someone does it is a SCAM! 
   2. If you do get a call or text message hang up! If you are unsure, hang up and call back using contact information you already have on hand (bank statements, public websites, bills)!
   3. NEVER give out any personal information unless you initiated the conversation.
   4. As always, if you have any questions please contact us first!

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