Economic Impact Payments arriving
January 12, 2021
UPDATE - The IRS continues to take additional steps to get the second Economic Impact Payments to more eligible taxpayers. The IRS has worked with their tax industry partners to resolve the situation and get payments out to eligible people, as quickly as possible.
Following extensive work and discussions with their industry partners, the IRS will reissue payments for taxpayers who did not receive the second Economic Impact Payment because the temporary bank accounts identified in the IRS’s records were closed. This impacts some taxpayers when tax preparation providers were unable to deliver funds to people as a result of IRS guidance, and they are now waiting for the IRS to re-process payments related to these accounts.
Payments will be issued directly from the government later this month. For people in this group, payments may be issued either as a paper check or as a direct deposit. You do not need to take any action; the payments will be made automatically.
January 5, 2020
UPDATE: HCU has recently learned that the IRS made an error in the issuance of some Economic Impact Payments. Some payments were issued to the individual’s tax preparer. The payments will be returned to the IRS and then reissued to the recipient, causing a delay in some payments. Unfortunately, HCU has no way to check to see if your payment was affected and we have no additional information at this time. The IRS suggests that you check the status of your payment at www.irs.gov/getmypayment.
January 4, 2020
As part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, another round of Economic Impact Payments has been being delivered to eligible Americans. The official payment date is January 4, 2021, but some will see their payments as early as December 30, 2020.
According to the Department of Treasury, eligible parties will receive up to $600 for individuals or up to $1200 for married couples, and up to $600 for each qualifying child. Generally, you should receive the full amount if your adjusted gross income for 2019 was no more than $75,000 for individuals and no more than $150,000 for married couples filing joint returns. If your adjusted gross income for 2019 was greater than $75,000 and you filed as an individual, or greater than $150,000 and you filed jointly, your economic impact payment will be reduced.
If you provided your direct deposit information to the IRS when you filed your taxes in 2019, or during the first round of payments in 2020, your payment will be automatically deposited into your account. Others will receive their payment by paper check or debit card.
If you have closed your HCU account, we will return the payments, with two exceptions. If a member has closed their checking account but still has their savings account, the payments will be redirected to the savings account. If a member has had their account number changed since their last payment, we will redirect the payment to the current account.
For more information on the second round of Economic Stimulus Payments, visit the IRS website.
