Will Another Stimulus Payment Go Out?

A group of lawmakers has called for a fourth round of stimulus checks, just as the final payments from the third round are starting to hit accounts and mailboxes.

About a month ago, a few U.S. Senators wrote a letter asking the president to consider both recurring direct payments as well as automatic unemployment insurance extensions – as part of the Build Back Better Economic Plan.

Also known as the American Jobs Plan, the bill doesn’t yet mention a fourth stimulus check – similar to those millions have received throughout the pandemic. Rather, it’s a long-term initiative to rescue, recover, and rebuild the country’s financial standing.

In short, the president has not indicated publicly that there will be a fourth stimulus payment, rather – the current focus has been on passing the Build Back Better Plan that aims to improve transportation infrastructure and affordable housing, among other things.

Didn’t receive a third stimulus payment?

Check your eligibility at https://www.irs.gov/coronavirus/get-my-payment

Third economic impact payments did differ from the first two payments under the Trump Administration. Here’s what was different and why you may not have received a third payment:

  • Income phaseout amounts changed. Payments to be reduced for individuals with adjusted gross income of more than $75,000 (or $150,000 if married filing jointly). The reduced payments end at $80,000 for individuals and $160,000 for married couples filing jointly. Those above these levels will not receive any payment.
  • Payment amounts are different. Most families will get $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents would get $1,400, while married filers with two dependents would get $5,600. 
  • Qualifying dependents expanded. Unlike the first two payments, the third payment is not restricted to children under 17. Eligible individuals will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents, and grandparents.

For additional information or questions, visit irs.gov

Article Source: irs.gov  

The Answers to Your Second Stimulus Payment Questions

The second round of stimulus checks are on their way, thanks to the signing of the COVID RELATED TAX RELIEF ACT OF 2020 that was just recently signed on 12/27/2020. Since many different amounts and restrictions were thrown around during the negotiations, most people probably have a lot of questions about these new stimulus checks. At the top of the list: How much will I get? And when will I get it?

Here’s a few answers to the questions you may have:

Question: When will I get my second stimulus check?

Answer: Soon! The IRS has already started sending out $600 payments. If the amount is later raised – anyone who has already received a $600 second stimulus check will be sent another payment as quickly as possible for the additional amount they are owed.

If the IRS already has your bank account information—either from a recent tax payment that you made or from a tax refund sent to you, then expect to get your second stimulus check faster. That’s because the IRS will be able to directly deposit the payment into your bank account. The IRS can also make a second stimulus payment to a Direct Express debit card account, a U.S. Debit Card account, or other Treasury-sponsored account. Otherwise, you’ll get a paper check in the mail.

Question: How much money will I get?

Answer: Right now, you’ll get $600. Those who made more than $75,000 will get less. A married couple making up to $150,000 will receive $1,200. Children under 17 will get $600. Therefore, the most a family of four could get is $2,400. The amount will be based on the income you claimed on your 2019 federal tax return. $300 in additional unemployment benefits will be made to jobless workers, to expire on 3/14/2021.

Question: Will I have to pay taxes on it?

Answer: No. There are no strings attached and you will not have to pay taxes on this second stimulus payment.

If you’re wondering when you can expect your stimulus funds, please click here. This will take you directly to the IRS website where you can check your payment status.

If you know your payment will be directly deposited into your First Financial account, click here for online banking or view your account within our mobile app.

Coronavirus Stimulus Payments Now Arriving on Prepaid Debit Cards

Don’t throw it away by mistake!

Did you recently receive an unmarked envelope in the mail that looked like junk mail or just another credit card offer? Be sure to read and open carefully, because it may actually be your economic impact payment!

The government is now issuing Coronavirus stimulus payments via prepaid debit cards instead of paper checks in the mail, if they were unable to directly deposit the funds into your bank account. These Economic Impact Payment (EIP) Cards are sponsored by the Treasury Department’s Bureau of Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury’s financial agent, MetaBank®, N.A. If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from Money Network Cardholder Services. The VISA name/logo will appear on the front of the card, and the back of the card has the name of the issuing bank, MetaBank®, N.A. These are legitimate prepaid cards and are not a scam, so be careful not to toss them by accident!

I received an EIP Card in the mail – what do I do with it?

  • The first thing you will need to do is activate your card, either on the phone by calling 1-800-240-8100 or online here.
  • Each household will only receive 1 card and it must be activated by the primary cardholder listed on the mailing envelope (and the first name appearing on the actual card).
  • You will need to provide your name, address, and social security number to validate your identity at the time of activation.
  • You will then be asked to create a 4-digit PIN, should you choose to withdrawal cash from the card at a participating ATM.
  • Once this is all set up, you’ll be able to find out how much is on the card and start using it.
  • There is no monthly or inactivity fee associated with the prepaid card. You will not need to pay this money back and will not have to pay taxes on this money.
  • Please note that this is a government issued card, and you will not be able to load money onto the card. Once your balance runs out, the card will not be able to be used further.

How can I check my card balance?

  • Visit https://www.eipcard.com/ and login to your account
  • Call 1-800-240-8100 and use the automated phone system
  • Download the Money Network® Mobile App
  • You may also be able to check the balance by inserting the card at an ATM, but be advised that depending upon the ATM/financial institution – there may be a fee associated with the ATM balance inquiry. The above 3 methods for checking your balance are free.

How can I use my EIP card to get cash without paying any fees?

  • Use one of the in-network Allpoint Surcharge Free ATMs listed on the EIP card website or from within the mobile app ATM locator.
  • Choose the cash back option at participating merchants when used as a debit card.
  • Request a Money Network Check and cash it at select participating check cashing locations listed on the EIP card site locator when you enter your zip code.

Can I transfer the money on my card to my bank account?

Yes. To transfer to a personal bank or credit union account, you will need to provide your routing and account number for your personal account at EIPcard.com.

What should I do if my card gets lost or stolen?

Call 1.800.240.8100 right away to lock your card to prevent anyone else from using it. You can also lock your card online on the EIP card website. If you need a replacement card, there is a $7.50 fee.

For a list of other Frequently Asked Questions associated with EIP prepaid debit cards, click here.

To view the cardholder agreement online, click here.

Article Sources:

https://whnt.com/taking-action/bbb-consumer-alerts/dont-throw-it-away-irs-stimulus-card-payments-arriving-in-unmarked-envelopes/

https://www.consumerfinance.gov/about-us/blog/economic-impact-payment-prepaid-card/?utm_source=newsletter&utm_medium=email&utm_campaign=eipcard#balance