Am I eligible to receive a stimulus payment and how much will I get?
Individuals earning $75,000 or less will receive a new payment of $1,400, as will heads of households earning up to $112,500. Couples earning $150,000 or less will get $2,800. Payments to those earning more than those amounts will decrease and cut off completely for individuals earning more than $80,000, couples earning more than $160,000, and single parents making more than $120,000. Qualifying parents of children will receive an extra $1,400 per child. That means a married couple with two dependent children may receive $5,600. Also, for this round, dependents now include 17-year-olds, as well as college students, older adults and children of all ages with certain disabilities who are claimed on tax returns.
The payments will be based on information from a taxpayer’s 2019 return, or their 2020 return if it has already been filed.
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Will the Bank know when I am scheduled to receive my stimulus payment?
No, those payments are issued by the IRS, not the Bank. You can visit the Get My Payment site at IRS.gov for more details, including the status of payment.
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How will I get my payment?
The IRS will automatically issue your payment via direct deposit to the bank account on file based on the information you provided on your tax return. Electronically generated direct deposits are typically the first to go out.
If the IRS does not have direct deposit information , you will either be mailed a paper check or debit card to your address on file with the IRS. You won't be able to choose between a paper check or debit card.
Carefully check your mail, so you don't accidentally throw out the check or debit card. It will likely take several weeks for mailed paper checks or debit cards to arrive.
The IRS will send you a paper notice in the mail within a few weeks after any payment is sent. It will include information about what form the payment was made and where it was sent.
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How can I deposit my stimulus check if I receive it by mail?
The fastest and most convenient option for depositing your stimulus check is by mobile deposit. Simply use your smartphone or tablet and the Profile Bank Mobile App* to make a deposit any time.
Learn More About Mobile Deposit
*Message and data rates may apply
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My bank account information has changed, what can I do?
According to the IRS, your payment information can't be changed. It says "If you are eligible- and either didn't receive Economic Impact Payments or qualify for more than received- you may claim the Recovery Rebate Credit and must file a 2020 tax return even if you are not normally required to file."
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Should I be worried about stimulus payment scams?
Scams are always a concern when money is involved, so you should be on the lookout. Some possible scams include:
- Emails or texts that try to get you to click on a link that takes you to a form asking for personal information so you can get any payment that you are owed. Do not respond to any email or text asking for personal information.
- Phone calls where someone claims to be from a federal agency such as the IRS or Treasury Department. Never assume an incoming call is from an authorized person especially if they are asking for personal information.
- People who contact you claiming that you can get your payment faster by paying a small fee by using either a gift card or prepaid debit card. Always be cautious when working with any person or business you do not know or cannot verify.
- Someone calls you and demands personal information such as bank account numbers or your Social Security number right away or you'll lose your benefits. This is always a sure sign of a scam.
In general, you should be aware that federal agencies won't ask you to pay anything up front to get your payment, and they won't call, email, text, or reach out to you via social media to request your bank account or Social Security number, or to verify personal information.
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Please Note: The 2021 stimulus payment program is moving very quickly, and the information above may be subject to change, or other circumstances may apply to you. For the most current information about stimulus payments visit IRS.gov.
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