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COVID-19 Resources: Economic Impact Payments

For information from the IRS, please see here

 For information about Economic Impact Payment Cards and what to look out for when receiving your payment, see here.

On March 27, President Trump signed the CARES Act into law. As a result of this legislation, most Americans will receive immediate cash payments deposited into their bank accounts to assist them during the COVID-19 pandemic. 

How much should I receive? 

The CARES Act provides a single, one-time payment of $1,200 per adult and $500 per child under the age of 17, up to certain income levels.  The IRS will determine what your payment will be by looking at your 2018 or 2019 tax return or Social Security data.  If you have not filed taxes for those years, see question below. 

The payment phases out above a certain level of income:  

  • For individuals, the payment begins to phase out for those with incomes above $75,000 and fully phases out above $99,000  
  • For those filing taxes as a head of household with one child, the phase out begins at $122,500 and fully phases out above $146,500. 
  • For those filing taxes jointly with no children, the phase out begins at $150,000 and fully phases out above $198,000. 
  • For those filing taxes jointly with children, the phase out begins at $150,000. The full phaseout amount is dependent on the number of eligible children. For a family with two children, the credit fully phases out at $218,000.  

How will payments be delivered? 

 Most individuals who will automatically receive direct deposits have already received their payments. If you have not received your payment, visit here to check your payment status and submit the information required. 

If you do not do this, you will receive a physical check or an “Economic Impact Card” in the mail.  Payments made via direct deposit will occur sooner than payments via paper check or an Economic Impact Card. 

What are “Economic Impact Cards”?

Some economic impact payments that are not being delivered via direct deposit are being delivered in the form of Economic Impact Cards. These cards are prepaid debit cards, which can be used anywhere Visa debit cards are accepted and can be used to withdraw cash. Additionally, recipients may transfer funds from the cards to their bank accounts.

The method of delivery and appearance of Economic Impact Cards (EIP Cards) has led many households to question their validity, or to unknowingly discard them upon receipt. Unfortunately, Economic Impact cards are mailed in envelopes that are not identified as coming from the IRS, Department of Treasury, or any other government agency. Envelopes containing Economic Impact Cards are delivered in white envelopes from Money Network Cardholder Services.

If you have accidently discarded your Economic Impact Payment Card, you can request a replacement on the official servicing website.

For more information on how to use and manage an Economic Impact Payment Card, visit https://www.eipcard.com/. This is a legitimate website run by Money Network Financial, a private company contracted by the IRS to manage Economic Impact Payment Cards. Services can also be accessed at 1-800-240-8100.

I am extremely disappointed with the IRS’s rollout of the EIP Cards, and I support efforts by the House Ways and Means Oversight Subcommittee Chairman John Lewis to get clarity on the program. 

ECONOMIC IMPACT PAYMENT CARD

What if I discarded or destroyed my EIP Card?

If your Card is discarded or destroyed, it is important that you call Customer Service at 1.800.240.8100 (TTY: 1.800.241.9100) immediately and select the “Lost/Stolen” option.

Your Card will be deactivated to prevent anyone from using it and a new replacement Card will be ordered. Your first reissued Card will be free, thereafter a $7.50 fee will be applied for each additional reissued Card. Please refer to the material in your Welcome Packet or see your Cardholder Agreement online at EIPCard.com for more information.

 

I didn’t make enough money to file taxes in 2018 or 2019, will I be eligible? 

Yes, every legal resident including Social Security beneficiaries within the income range with a Social Security number is eligible.  

If you are a low-income taxpayer, or another individual who does not need to file an annual tax return, you will need to submit information to the IRS here. This is not a tax return and will not result in you owing taxes. In fact, these payments will not taxed.

 

If I receive a federal benefit that’s limited by income levels, will taking this benefit impact my eligibility? 

No, this payment is considered a tax refund, and so it will not be considered income for determining eligibility for federal programs, nor will it be taxed. 

 

When will I receive my payment? 

Most automatic direct deposit payments have already been delivered. If you have not received payment yet, you can visit this IRS website to see the status of your payment and potentially provide information to receive your payment via direct deposit.  

Distribution of physical checks or Economic Impact Cards by mail is ongoing.

How do I request a Payment Trace on my Economic Impact Payment? 

 

If your payment was issued by direct deposit, your first step is to check with your bank and make sure they didn’t receive a deposit. 

You should request a trace on your Payment if you received Notice 1444 or Get My Payment shows your payment was issued on a specific date, but you have not received it and it has been more than: 

  • 5 days since the scheduled deposit date 

  • 4 weeks since it was mailed by check to a standard address 

  • 6 weeks since it was mailed, and you have a forwarding address on file with the local post office 

  • 9 weeks since it was mailed, and you have a foreign address 

Do not request a Payment trace to determine if you were eligible for a payment, the amount of payment you should have received, or you have not received a Notice 1444 or a payment date from Get My Payment. 

For more information visit the IRS website here.   

What happens if I have had a loss of income since my last tax returns and am now in the range for payment? 

You will be eligible for this credit when you submit your 2020 tax returns. 

 

Will I have to pay taxes on these payments? 

No, they are considered tax refunds and are not subject to tax. 

 

I’m 17-24 years old and my parents listed me as a dependent. Will either of us receive anything? 

No, the $500 rebate per child is for those under age 17.  If you are a 17-24 and your parents claim you as a dependent on their tax return, you are not eligible for any Recovery Rebate and your parent is not eligible for the additional $500 in rebate funding. Congressman Larson is a cosponsor of the All Dependent Children Count Act (H.R. 6420) which would make sure all dependents count when allocating the $500 child rebate.  In addition, the House passed HEROES Act includes this legislation and is awaiting action in the Senate.

 

I was contacted about claiming money from the government as part of Coronavirus relief. Is this real? 

At this time, no government agency, including the IRS, has done outreach to request information related to the program. Do not give personal information to anyone contacting you claiming otherwise. You can learn more about scams related to the economic stimulus payments or other IRS-related coronavirus scams here. You can report potential coronavirus scams to the Treasury Inspector General for Tax Administration at: tips.tigta.gov.  

 

Para obtener información del IRS, consulte aquí.

 

El 27 de marzo, el presidente Trump firmó la Ley CARES. Como resultado de esta legislación, la mayoría de los estadounidenses recibirán pagos en efectivo inmediatos depositados en sus cuentas bancarias para ayudarlos durante la pandemia de COVID-19.

¿Cuánto obtendré?

La Ley CARES, promulgada el 27 de marzo, establece un pago único y único de $ 1,200 por adulto y $ 500 por niño menor de 17 años.

El reembolso se elimina gradualmente por encima de cierto nivel de ingresos:

  • Para las personas, el reembolso comienza a eliminar gradualmente para aquellos con ingresos superiores a $ 75,000 y desaparece por completo por encima de $ 99,000
  • Para aquellos que declaran impuestos como cabeza de familia con un hijo, la eliminación comienza en $ 122,500 y se elimina por completo por encima de $ 146,500.
  • Para aquellos que presentan impuestos conjuntamente sin hijos, la eliminación comienza en $ 150,000 y se elimina por completo por encima de $ 198,000.
  • Para aquellos que presentan impuestos conjuntamente con niños, la eliminación comienza en $ 150,000. El monto total de eliminación depende del número de hijos elegibles. Para una familia con dos hijos, el crédito desaparece por completo en $ 218,000

¿Cómo se entregarán los pagos?

El IRS depositará el reembolso en su cuenta bancaria o recibirá un cheque por correo del IRS.

Para conocer el estado de su pago y asegurarse de que el IRS tenga la información necesaria para enviárselo a través de Depósito directo, vaya aquí.

Si le ha dado al IRS su información bancaria y permiso para depositar fondos desde enero de 2018, o si es un beneficiario del Seguro Social, es posible que ya se haya entregado mediante depósito directo.

Si el IRS no tiene la información de su cuenta bancaria, puede darles su información de depósito directo en el sitio web del IRS aquí. Si no hace esto, recibirá un pago físico por correo. Los pagos realizados mediante depósito directo se realizarán antes que los pagos mediante cheque en papel.

Si no recibe el Seguro Social y no ha presentado impuestos desde 2018, visite aquí para enviar información al IRS para recibir el pago.

No gané suficiente dinero para declarar impuestos en 2018 o 2019, ¿seré elegible?

Sí, todos los residentes legales, incluidos los beneficiarios del Seguro Social dentro del rango de ingresos con un número de Seguro Social, son elegibles.

Si debe presentar una declaración de impuestos de 2019, el IRS recomienda hacerlo tan pronto como sea posible, lo que les dará información actualizada y les permitirá evaluar mejor la cantidad que deben pagar.

Si usted es un contribuyente de bajos ingresos, veterano u otra persona que no necesita presentar una declaración anual de impuestos, deberá enviar información al IRS aquí. Esta no es una declaración de impuestos y no tendrá que pagar impuestos.

Si recibo un beneficio federal que está limitado por los niveles de ingresos, ¿tomar este beneficio afectará mi elegibilidad?

No, este pago se considera un reembolso de impuestos, por lo que no se considerará un ingreso para determinar la elegibilidad para los programas federales.

¿Cuándo recibiré mi pago?

Muchos pagos ya se han entregado mediante depósito directo. Si aún no ha recibido el pago y desea recibirlo mediante depósito directo, visite este sitio web del IRS lo antes posible.

Los cheques en papel comenzarán a enviarse por correo a fines de abril. Tenga en cuenta que el IRS solo puede imprimir 5 millones de cheques por semana, lo que significa que puede demorar hasta 20 semanas para que reciba un cheque en papel. Se insta a los archivadores a actualizar su depósito directo con el IRS aquí para recibir un pago lo antes posible.

¿Qué sucede si he tenido una pérdida de ingresos desde mis últimas declaraciones de impuestos y ahora estoy en el rango de pago?

Usted será elegible para este crédito cuando presente sus declaraciones de impuestos 2020.

¿Tendré que pagar impuestos sobre estos pagos?

No, se consideran reembolsos de impuestos y no están sujetos a impuestos.

Tengo entre 17 y 24 años y mis padres me mencionaron como dependiente. ¿Alguno de nosotros recibirá algo?

No, el reembolso de $ 500 por niño es para menores de 17 años. Si usted tiene entre 17 y 24 años y sus padres lo reclaman como dependiente en su declaración de impuestos, no es elegible para ningún reembolso de recuperación y sus padres no son elegibles para el $ 500 adicionales en fondos de reembolso. El congresista Larson es uno de los copatrocinadores de la Ley de recuento de niños dependientes (H.R. 6420) que garantizaría que todos los dependientes cuenten al asignar el reembolso de $ 500 por niño.

Me contactaron para reclamar dinero del gobierno como parte del alivio de Coronavirus. ¿Es esto real?

En este momento, ninguna agencia gubernamental, incluido el IRS, ha realizado actividades de divulgación para solicitar información relacionada con el programa. No proporcione información personal a nadie que se ponga en contacto con usted para solicitar lo contrario. Para obtener más información sobre cómo saber si un programa del gobierno es real o para informar una posible estafa, visite IRS.gov/coronavirus.

Si recibo un beneficio federal que está limitado por los niveles de ingresos, ¿tomar este beneficio afectará mi elegibilidad?

No, este pago se considera un reembolso de impuestos, por lo que no se considerará un ingreso para determinar la elegibilidad para los programas federales.

¿Las personas indocumentadas o sin número de Seguro Social recibirán un Pago de Impacto Económico?

No. Solo los ciudadanos o residentes legales con un número de Seguro Social son elegibles para un Pago de Impacto Económico.