We understand many of our customers are anxiously waiting to receive their one-time, tax-free Coronavirus stimulus checks. We would like to make you aware of the below range of dates that you can expect to receive your payment by direct deposit or paper check. PLEASE NOTE, WE DO NOT HAVE A LISTING OF WHEN EACH CUSTOMER WILL RECEIVE THEIR CHECK OR THE AMOUNT THEY SHOULD EXPECT TO RECEIVE.
When can I expect to see my deposit?
If your tax refund was direct deposited in 2019, most likely your payment will be direct deposited as well. The credit will show in your account as IRS TREAS 310- TAX REF. The IRS is sending the direct deposits in groups and on a weekly basis. DIRECT DEPOSITS WILL COME ON A WEDNESDAY, BETWEEN 4/15/20 AND 4/29/20.
For those of you who do not have your tax refund direct deposited, or if the bank returns the deposit due to no active account, the IRS WILL ISSUE AND MAIL A PAPER CHECK TO THE TAXPAYER. Checks will be issued after April 20, 2020. PLEASE BE PATIENT WITH OUR TELLERS WHEN DEPOSITING THESE CHECKS. There is an extra level of authentication we must verify before depositing these checks which may take more time than usual.
The IRS plans to mail out letters to the taxpayer’s last known address within 15 days after the payment has been sent. The letter will provide how the payment was made and how to report any failure to receive payments.
How much can I expect to receive?
Those eligible will receive:
- $1,200 for individuals and $2,400 for married filing jointly. Plus, an additional $500 per qualifying child.
- The above amounts are available for those incomes at or below $75,000 for individuals, $112,000 for head of household and $150,000 for married couples
- Visit the IRS website for detailed information.
The IRS website has tools and resources to help you determine how much you will receive, check your payment status, and more. We highly suggest you take advantage of this resource. https://www.irs.gov/coronavirus/economic-impact-payments .