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Economic Impact Payments: Using Direct Deposit to Receive Your Funds Quickly

Economic Impact Payments are now being distributed to Americans. While no action is required by most, some taxpayers have not filed their taxes or do not have their bank account information on record for their tax return, and this could mean a delay in receiving their payment.

First Florida is here to help you understand the Economic Impact Payments initiative and how you can receive your funds faster. 

Who is eligible?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $1,200. For filers with income above 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. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return. 

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.

What to do if the IRS does not have your direct deposit information.
The IRS has developed a solution for Americans to provide their banking account information online to receive their payments sooner as opposed to receiving checks in the mail. 

There are two portals available depending on your tax filing situation: 

Non-Filers: Enter Payment Info: Individuals who are not typically required to file taxes due to restricted income, retirement, or for other reasons, may provide their banking account information at IRS.gov/coronavirus/economic-impact-payments through the “Enter Payment Info” portal under the Non-Filers section.

Filers: Get My Payment: Americans who typically file taxes and who have not yet filed their 2018 or 2019 tax return, may provide their banking account information at IRS.gov/coronavirus/economic-impact-payments through the “Get My Payment” portal under the Filers section. 

Filers may also use the “Get My Payment" portal to check the status of their payment and confirm their payment type: electronic or mail.

As another option, tax filers may file a tax return electronically for 2018 or 2019 and include their banking account information for direct deposit.

How to locate your account and routing number. 
Most financial institutions will have their routing number available on their website.  

If you cannot recall your banking account number, try locating it through your online banking, mobile banking, or with the assistance of a representative at your financial institution.

You can also locate your account number and routing number on your checks. 

If you’re a First Florida Credit Union member, you can find detailed instructions on where to obtain the routing number and your account number on our Coronavirus Resource and Relief page. 

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

You can also visit First Florida’s Coronavirus Resource and Relief page for more information on available resources for the COVID-19 pandemic. 

Source: IRS.gov
Updated: April 15, 2020