We’ve all likely heard the news that economic impact payments will start to be distributed soon! We dug through some information from the Internal Revenue Service (IRS) so you don’t have to.
Here’s what you should know about stimulus checks, and what to do when you get yours:
» Who is getting a payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment which is $1,200 for individuals and $2,400 for married couples. For filers with income above those amounts, the payment amount is reduced. You will also receive additional amounts for children you claim as dependents. The Washington Post has a great calculator to help you figure out how much you can expect. Click here to use this calculator.
» The majority of Americans don’t need to take action.
Most people do not need to do anything to receive their payments. The IRS will automatically send the stimulus payment to those who are eligible. The payment will be directly deposited into the same account reflected on tax returns from 2019 or 2018.
If you are not typically required to file a tax return, the IRS will use the information on Form SSA-1099 or Form RRB-1099 to generate payments. This includes senior citizens, Social Security recipients, and railroad retirees who are otherwise not required to file a tax return.
If you are a non-filer and you’d like to enter payment information, you can do so with a new portal launched by the IRS. Click here to access the portal.
» Where is my payment?
The IRS is launching a new “Get My Payment” tool that will provide individuals with the status of their payment and the date their payment is scheduled to be deposited into their financial institution or mailed to them. The tool is scheduled to launch on April 17th. Click here for more information.
» How to deposit a paper check during this time.
If you expect to receive a paper check and aren’t sure how to deposit it right now, we’ve got you covered. Here are some easy and quick ways to make sure you get your funds:
- Mobile Deposit: With the Clackamas App, depositing checks has never been easier. With Mobile Deposit, you can snap a quick photo of your check and have your funds deposited into your account. Click here to learn more about Mobile Banking.
- Night Drop: Your check will be deposited by a friendly member of our staff on the next business day. Click here to see which branches currently have Night Drop open.
- ATM: Your nearly 30,000 ATM Network is always open and can be a great option for depositing checks without a fee. Click here to find an ATM near you.
- ITM: You can deposit your check over video chat with one of our Interactive Member Service Associates using our ITMs in Happy Valley. Bonus – no appointment necessary!