In late March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide financial relief to individuals and families impacted by the pandemic. As a result, many Americans will be receiving an Economic Impact Payment (EIP) to help pay rent, groceries, and other bills. This is also commonly referred to as a stimulus check.
If you think you’re eligible for this payment, how do you plan to make the most of this money? Check out this simple step-by-step guide to make these extra funds work in your favor.
How much will I get?
More than 80% of American taxpayers will receive a payment. Use Turbo Tax’s simple calculator1 to find out if you qualify for an EIP and how much you can expect.
If you completed 2019 or 2018 taxes that included a direct deposit return, you’re all set. The IRS will automatically deposit your payment to the bank account provided and the payment will look like a Tax Refund.
See FAQ below for more information, including when you can expect direct deposit and payment effective dates.
If you don’t qualify for direct deposit, a check will be mailed to you based on the latest recorded address information the U.S. Treasury has on file.
Checks will be printed on U.S. Treasury Check stock, just like tax refunds.
The IRS launched a new “Get My Payment" application1 where you can check your payment status. You can enter your account information if you want to switch your stimulus check to direct deposit (if you're anticipating a paper check and the IRS hasn’t already mailed your payment).Learn More1
Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. For additional information, please visit the IRS Economic Impact Payments resource1.
For senior citizens, Social Security recipients, railroad retirees, SSI or VA beneficiaries:
Yes, the IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019.
Since the IRS wouldn't have information regarding dependents for these people, they would receive $1,200 per person. However, if you have qualifying children under age 17, use this application to claim the $500 payment per child. You must complete this application by noon Eastern Time on May 5, or else you’ll have to wait until you file your 2020 tax return to get the money.
For anyone else who does not fit into one of the groups above:
Other non-filers will need to visit the IRS website and complete a free form to determine their eligibility and register for payment. That includes single filers who made less than $12,200 and married couples who made less than $24,400 in 2019.
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
Payments will begin issuing as early as the week of April 13 (subject to change). According to the Federal Reserve, the bulk of direct deposits are planned to be issued in the next few weeks. Some members may see deposits pending as early as April 13 with an effective date of April 15. According to Federal Reserve guidelines, funds are not accessible until the effective date.
Physical Treasury checks are scheduled to be mailed out starting in May 2020. Checks will be mailed based on the Treasury’s latest recorded address information they have on file. EIP checks will be printed on U.S. Treasury check stock, same as tax refunds. EIP checks will note EIP Payment on the memo line of the check.
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The Economic Impact Payment will be deposited directly into the same banking account reflected on the return filed.
If you're anticipating a paper check, and the IRS hasn’t already mailed your payment, you can visit the new "Get My Payment" application1 where you can enter your account information to switch your stimulus check to direct deposit.
The routing number for Lake Trust Credit Union is 272078268. You can find your account number several ways:
Yes, you can mail your check to: Lake Trust Credit Union, 4605 South Old US Highway 23, Brighton MI 48114
Please endorse the check before mailing, provide your account number, and identify which account you want funds to be deposited into.