CARES Act - Stimulus Payments

Cares Act - Stimulus Payments

The newly enacted Coronavirus Aid, Relief and Economic Security (CARES) Act, authorizes one-time stimulus payments to many taxpayers. Our guide to the federal stimulus payments highlights who is eligible, how to receive the money and how we can help.

Who is eligible for the stimulus payment?
In order to qualify for the economic impact payment, you must be a U.S. resident and have a Social Security number. You do not need to apply for this payment. You can’t get a payment if someone claims you as a dependent, even if you are an adult.

How do I know if I will get the full amount?
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.

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing jointly will receive the full payment. For filers with income exceeding those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.

How will I receive my stimulus payment?
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. If you have an F&M Trust bank account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive the economic impact payment electronically.

If you do not have account on file with the IRS, you will receive a paper check in the mail. If you recently moved, be sure to Update Your Mailing Address on the IRS website.

You can deposit the check at one of our Community Offices or ATMs or remotely by Mobile Xpress Deposit, which is available in the F&M Trust mobile banking app. For more information on our convenience services, please Click Here.

The IRS does not have my direct deposit information. What can I do?

If the IRS does not have your bank account information, you can still receive your payment by direct deposit rather than waiting to receive your check in the mail. The IRS recently launched the Get My Payment tool, which allows taxpayers to check on their Economic Impact Payment date and input or update direct deposit information. The online tool is available Here. You may need your 2018 or 2019 tax return and your bank account information to complete the application. If you don’t know your F&M Trust account or routing number, Contact Us.

Will Social Security recipients receive economic impact payments?
Social Security recipients and railroad retirees who are not required to file a tax return are also eligible for the stimulus payments and will not be required to file a return. The IRS will use the information on the Form SSA-1099 and Form RRB-10999 to generate $1,200 stimulus payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

I don’t usually file a tax return. What do I need to do to receive my economic impact payment?

Non-filers can register for stimulus payments through a new web tool launched by the Treasury Department and IRS. The Non-Filers: Enter Payment Info Here tool was designed for people who didn’t file a tax return for 2018 or 2019 and who don’t receive Social Security retirement, income or disability benefits or Railroad Retirement benefits. However, people in this group who have qualifying children under age 17 may use Non-Filers: Enter Payment Info to claim the $500 payment per child. More information about the tool and who should use it, is available Here.

Will eligible unemployed people receive these stimulus payments?

Where can I get more information?
The IRS will post all key information on as soon as it becomes available.

We’re here for you. Please Contact us if you have questions or need help.

Sources: IRS, U.S. Department of the Treasury


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