CARES Act Stimulus Payments Information

On March 27, 2020, the CARES Act (Coronavirus Aid, Relief, and Economic Security) was signed into law, which will provide direct economic assistance to Americans to alleviate some of the effects of COVID-19 on both finances and the economy. The U.S. Department of Treasury and Internal Revenue Service (IRS) have announced that distribution of the Economic Impact Payments has begun and no action is needed from most taxpayers.  

For most taxpayers, payments are automatically deposited into the account the IRS has on file for 2018 or 2019 tax returns, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Otherwise, you will receive a check to your last-known address. If you receive an official check from the IRS by mail you can deposit it into your UHCU account using the UHCU Mobile App.
 

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers or $2,400 for married filing jointly, if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

• $75,000 for individuals
• $112,500 for head of household filers and
• $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their adjusted gross income is between:

• $75,000 and $99,000 if their filing status was single or married filing separately
• $112,500 and $136,500 for head of household
• $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
We encourage you to visit the IRS FAQ page for full details about eligibility and payment amounts: https://www.irs.gov/coronavirus/economic-impact-payment-information-center.

No additional action is needed by taxpayers who:

• Have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
• Haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.

Stimulus check payments are being deposited in waves beginning April 15, 2020.  If you received a 2018 or 2019 tax refund direct deposit into a checking account, your stimulus check will be automatically deposited into the same account. There is no exact payment date, but deposits will be made throughout the month of April.

The IRS has secure resources for non-filers, those who have moved since filing taxes, and those who did not provide direct deposit information. For more information visit the IRS website: https://www.irs.gov/coronavirus/economic-impact-payments

The IRS launched a Get My Payment service. It allows consumers to check their payment status, confirm whether they prefer direct deposit or a paper check and enter their bank account information for direct deposit if the IRS doesn't have it yet.

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.

Please remember the IRS will never call, text, email, or reach out to you via social media asking for personal or bank information. Be wary of emails with attachments or links that also ask for personal information in regards to these payments. For the most updated information, please visit IRS.gov/coronavirus.

United Heritage Credit Union remains committed to serving you and your financial well-being. Visit our COVID-19 Information page for continuously updated information. Thank you for choosing United Heritage Credit Union.