First Bank has gathered some answers to questions you may have about the recent Economic Impact Stimulus Payments.
When did Economic Impact (Stimulus) Payments start going out?
Payments began to go out on December 30, 2020.
How much of a payment will I get?
The maximum amount for this second round of stimulus checks is $600 for any eligible individual or $1,200 per eligible couple who file taxes jointly. For a family of four, that would include $600 for each eligible dependent, or $2,400 in total. Individuals who reported adjusted gross income (AGI) of $75,000 or less on their 2019 tax returns will receive the full $600 ($150,000 or less AGI for couples filing jointly; $112,500 or less for heads of household). For people who earned more than those amounts, the size of the check will gradually decrease by $5 for every $100 earned over that threshold.
How can I check the status of my Economic Impact (Stimulus) Payment?
You can check here on the “Get My Payment” IRS Website: https://sa.www4.irs.gov/irfof-wmsp/notice
My bank account information has changed or is incorrect. Can I update it using the IRS website?
Your payment information cannot be changed. If you don’t get a payment and you are eligible to receive one, it may be claimed on your 2020 tax return as the Recovery Rebate Credit.
Why am I getting “Payment Status Not Available”?
The “Get My Payment” application will return “Payment Status Not Available” for several reasons, including:
- You’re required to file a tax return, but the IRS hasn’t finished processing your 2019 return
- You don’t usually file a return, and you used “Non-Filers: Enter Payment Info Here”
but the IRS hasn’t processed your entry yet - You’re not eligible for a payment (see EIP Eligibility and General Information).
The IRS updates Get My Payment data once per day, overnight so there’s no need to check more often. If you’re eligible for a payment and provided your information either through a recent tax return or the “Non-Filers: Enter Payment Info Here” application, please check back for updates.
For answers to other questions, please visit the IRS website: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments