Coronavirus Relief Checks
Coronavirus Relief Checks
A $2 trillion coronavirus relief package was approved and signed into law in late March designed to alleviate some of the worst effects of the current economic downturn and help keep businesses and individuals afloat during this unprecedented halt on the “normal” life we are accustomed to.
The plan is the most substantial rescue package in American history. The legislation covers an array of programs, including direct payments to Americans. Some Provident members should expect to receive their federal stimulus deposit this week. Members that are set to receive deposits will see a “Tax Ref IRS Treas…” transaction description. Up to 3 days before the transaction posts to your account, you may see a pending transaction in your account. The IRS will use the account you last used to receive deposits from the IRS and will send a letter to your address within 15 days after the deposit has been made. Direct Deposits from the IRS are usually posted on Wednesdays, if you have online banking access, you can see the payment pending a day before.
Frequently Asked Questions
When can I expect to receive my Coronavirus stimulus check?
Beginning in mid-April, stimulus checks are being sent from the Treasury Department to qualifying people who filed their 2018 or 2019 tax returns with direct deposit information. Another wave of payments will follow within two weeks. In early May, the IRS will begin mailing paper checks to those who do not have direct deposit information available. Checks will be sent to people in the lowest income category first.
Who is eligible to receive a payment, and how are the amounts determined?
Full payments will go to those with an adjusted gross income of up to:
- $75,000 for individuals
- $112,500 for head of household tax filers
- $150,000 for married couples who file their taxes together
A reduced payment of varying amounts will go to people with an adjusted gross income between:
- $75,000 and $99,000 for individuals or married couples who file their taxes separately
- $112,500 and $136,500 for head-of-household filers
- $150,000 and $198,000 for married couples who file their taxes together
Who is not eligible?
- Anyone who exceeds the upper-income limits
- Anyone claimed as a dependent on another person’s tax return
- Older dependents
Do I need to do anything to receive a check?
The IRS is determining eligible recipients through 2019 federal tax returns. For people who have not yet filed their 2019, taxes, the government will instead refer to their 2018 returns. The stimulus checks will be deposited into the bank account used on the filed return. The IRS will mail a letter of notice to the taxpayer’s last known address within 15 days of the payment made.
Can I receive a stimulus payment if I haven’t filed my 2018 or 2019 taxes?
Yes, however you are encouraged to file soon and include your direct deposit information on your return. The deadline for filing your 2019 taxes has been extended to July 15, 2020.
Will I receive additional funds if I have children?
If a person is eligible for a stimulus check, they will also receive an additional $500 for each of their qualifying children under the age of 17. For children with divorced or unmarried parents, the extra $500 payment will be sent to the parent who claimed the child as a dependent on their 2019 tax return.
Is this a one-time payment?
At this time, yes. If there is to be another wave of similar economic relief payments, Congress will need to pass new legislation.
Does my stimulus check count as taxable income?
No, it does not.
What if I am on Social Security?
For people who are already receiving Social Security retirement benefits, Social Security Disability Insurance benefits, or Railroad Retirement and Survivor Benefits, the IRS will use whatever bank account or address was included in those forms to issue the new $1,200 payment.
What would happen to my direct deposit if I closed my Provident membership after my last tax refund deposit?
Unfortunately, we would reject the payment. We recommend you contact the IRS to update your account information.
What would happen to my direct deposit if I closed my Provident checking account and opened a new checking account after my last tax refund deposit?
We would route your deposit into your new checking as long as the social security matches to the number we have on file.
What if I don’t file annual tax returns?
Please visit the link below to access the non-filers application and information about stimulus check distribution. https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
For additional information on the Payment Relief Program, please visit: https://www.irs.gov/coronavirus/economic-impact-payment-information-center