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The IRS announced that Economic Impact Payments, better known as stimulus payments, are expected to begin in the coming weeks. While this can be exciting, you may have questions. We have compiled a few below.  There is more information available on the IRS website
 
How do I verify the IRS distributed my payment?
To verify the distribution by the IRS, visit their webpage Get My Payment. Information that can be verified:
  • check your payment status
  • confirm your payment type 
  • enter your bank account information.  
IRS GET My Payment information 
Security Reminder 
Please remember that neither BCT, the IRS, nor any other government agency will call, text, or email asking for personal or account information.  Nor will we contact you via any social media channels asking for personal information.  

Am I eligible and how much will I receive?

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $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 AGI 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.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

For full eligibility requirements, check out the Economic Impact Payment Information Center HERE.

Will I receive my stimulus payment by Direct Deposit?
More than likely your payment will be automatic from the IRS and no further action by you will be necessary. The money will be automatically deposited to your bank account if the IRS has your account information for Direct Deposit from your previous tax returns. If you do not have your bank account information on file with the IRS, you will automatically receive a check in the mail.  The IRS will also mail a letter about your payment to your last known address within 15 days after the amount is paid. This letter will give you information on how the payment was made. 

If the IRS does not have your account information, you can submit it HERE 

What if I receive a check instead of Direct Deposit?
If you receive your Stimulus Check in the mail, BCT customers can deposit it directly into your account through BCT's Mobile Deposit or through any BCT branch drive-thru.