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What you need to know about the IRS Stimulus Payment


As you may know, the government recently passed a stimulus bill that will provide stimulus payments, also referred to as Economic Impact Payments or COVID-relief checks to individuals and households in the United States. The Internal Revenue Service (IRS) will be distributing payments in the upcoming weeks and months. Those that have filed their taxes in 2018 or 2019 do not have to do anything in order to receive their check. It is understandable with all of the information floating around to know exactly when, where, what and how much will be coming your way. We’ve compiled information on the most common questions and when you can expect to receive your stimulus.


What if I filed my taxes for 2018 or 2019 as an individual?

For those that filed their taxes in 2018 or 2019 as an individual and have an adjusted gross income (AGI) under $75,000, you will receive $1,200. If your AGI is from $75,000 to $99,000, the amount you will receive is reduced by $5 for every $100 about the $75,000 threshold. For children you will receive up to $500 for each qualifying child (a dependent aged sixteen or younger). If you have no children and have an AGI that is above $99,000, you are not eligible to receive a stimulus check.


What if I filed my taxes for 2018 or 2019 jointly?

For those that filed jointly in either 2018 or 2019 and your AGI is under $150,000, you will receive $2,400. If your AGI is above $150,000 up to $198,000, the stimulus payment will be reduced by $5 for every $100 that you make above the $150,000 threshold. If you have qualifying children, you will receive up to $500 for each child. Just like an individual, if you have no children and your AGI exceeds $198,000 jointly, you are not eligible to receive a stimulus check.


How will I receive my payment?

Many are wondering how they will receive their payment. If you used direct deposit to receive your tax refund in 2018 or 2019, the payment will be deposited directly into that account by the IRS. For those that didn’t use direct deposit, the IRS has created an online portal where you will be able to enter your banking information. If you decide not to enter your banking information into their portal, the IRS will send you a paper check in the mail.

Once you have the information on if you will be receiving a stimulus payment, the question is when will you receive your payment? According to the U.S. Department of Treasury, direct deposits will start on April 9. That means that fifty to seventy million people will get their direct deposit before April 15.

If you are wondering where your stimulus payment is, please check the IRS website to find out the status of your Economic Impact Payment. 


Check Payments

For those that choose to not set up direct deposit through the IRS online portal or those that have not had direct deposit for tax refunds in 2018 or 2019, may have to wait longer. Checks will be arriving over the coming months based on how much you earn.

UPDATED: On April 17, the U.S. Department of the Treasury’s Bureau of the Fiscal Service announced they will mail economic impact payment checks beginning on Saturday, April 18, 2020. This is about two weeks ahead of the initially published schedule.

Less than $20,000: May 1

Less than $30,000: May 8

Less than $40,000: May 15

Less than $50,000: May 22

Less than $60,000: May 29

Less than $70,000: June 5

Less than $80,000: June 12

Less than $90,000: June 19

Less than $100,000: June 26

Less than $110,000: July 3

Less than $120,000: July 10

Less than $130,000: July 17

Less than $140,000: July 24

Less than $150,000: July 31

Less than $160,000: August 7

Less than $170,000: August 14

Less than $180,000: August 21

Less than $190,000: August 28

Less than $198,000: September 4


What about if I am receiving Social Security, am a senior citizen or railroad retiree?

Individuals that receive Social Security, senior citizens, and railroad retirees do not need to do anything to receive their stimulus payment. Many of these individuals will wonder that because they are not required to file a tax return, they will not receive a payment. That, however, is not true. Each individual that falls into one those groups will receive $1,200 from the IRS. The IRS will use Form SSA-1099 or Form RRB-1099 to determine where to send your payment.


How do I set up direct deposit?

If you are looking to give the IRS your direct deposit information:

  • If you filed taxes for 2018 or 2019, go here.
  • If you do not file taxes, go here.
  • If you are not sure, this page will give you more details.

To set up direct deposit through the IRS website, you will need some basic information about the credit union and your account. The online portal will require you to create an account with an email address, username and password. It will then walk you through the process on how to sign up for direct deposit. 

For those that have checks and want their deposit to go into their checking, all the information will be found on the bottom of your checks. If you don’t have checks, you will need to get your institutions routing number (MMFCU’s is 291973360) and your account number that you want the funds deposited to.

MMFCU members that use online or mobile banking will also be able to find their account number. Once you login and view all your accounts, the account number you need will be listed under the account title.

If you have checks, the routing number is at the bottom of the check between two colons, as you can see in the image below. Your account number is the other string of numbers. Note that most checks will also have the check number along the bottom as well, this will match the number in the upper right corner of the check (this is in yellow below). The account number (in orange below) should be the longer of the two (not located between the colons).

MMFCU blank check image for direct deposit information


How do I deposit a check that I received?

If you receive a check in the mail, you can still visit one of our drive-ups at any of our locations. If you have our mobile app on your smartphone, you can use Remote Deposit. ATM's and Night Drop are also options for after hours if you cannot make it to our drive-up. 

We also encourage you to remain diligent in protecting your personal and financial information. Unfortunately, there have been fraudulent websites and emails in regard to this pandemic. For more information on the types of scams please visit the websites for the Federal Trade Commission, Federal Communications Commission, the U.S. Treasury Department and the Internal Revenue Service

Please do not hesitate to contact our expert staff at (218) 829-0371, if you have questions or concerns. 

For more information please visit the IRS Newsroom or the IRS website.


 Article written with the help of VSECU Article by Oliver Ames and Forbes Article by Richard Harroch. 


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