We would like to keep you informed of your second stimulus payment that the government approved in December 2020. Below is some important information provided to us from the Federal Reserve and the IRS.
At TFCU, we are committed to provide you with fast and reliable service and will continue to diligently post funds to members accounts as they are received from the IRS. Unfortunately, TFCU cannot inquire or provide additional information about your stimulus payment. Please read through this information carefully and we encourage you to use the links provided throughout this email to inquire about the status of your stimulus payment directly with the IRS.
On December 29, 2020, Fiscal Service began delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
Direct deposit payments with a pay date of January 4, 2021, were distributed by the Federal Reserve Bank to financial institutions on December 29-30, 2020. Paper checks with a pay date of January 6, 2021, were mailed on December 30, 2020, and EIP Cards began being mailed on January 4, 2021.
According to the irs.gov website, the IRS emphasizes that there is no action required by eligible individuals to receive this second payment. The IRS reminds taxpayers that the payments are automatic, and are advised to refrain from contacting their financial institutions or the IRS with payment timing questions.
If you received the first round of payments earlier this year but did not receive a payment via direct deposit, you will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January.
Eligible individuals who did not receive an Economic Impact Payment this year will be able to claim it when they file their 2020 taxes. The IRS urges taxpayers who didn’t receive a payment this year to review the eligibility criteria when they file their 2020 taxes; many people, including recent college graduates, may be eligible to claim it.
Frequently Asked Questions:
Who is eligible for the second Economic Impact Payment?
Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.
How much will my second Economic Impact Payment be?
Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
How do I find out if the IRS is sending me a payment?
People can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov.
Where can I get more information?
For more information about Economic Impact Payments and the 2020 Recovery Rebate, key information will be posted on IRS.gov/eip. You may check the status of your payment at IRS.gov/getmypayment. For other COVID-19-related tax relief, visit IRS.gov/coronavirus.