Economic Impact Payment Round Two. What You Should Know
January 4, 2021 09:13 AM
On December 21, 2020, Congress authorized, a coronavirus relief package which included sending government payments to eligible Americans.
To help answer common questions about these payments, the American Bankers Association has developed the following questions and answers.
How large a payment will I receive?
The Internal Revenue Service is the agency responsible for determining eligibility. In general, single adults with an adjusted gross income of $75,000 or less will get $600. The $600 limit will also apply to dependents. So, married couples earning a combined adjusted gross income of $150,000 or less with two kids, will receive a total of $2,400. Individual and married taxpayers earning over $75,000 and $150,000 respectively will get reduced payments with full phase-outs at $99,000 and $198,000.For complete eligibility information visit the IRS website.
When will I receive my payment?
If you have provided the Internal Revenue Service (IRS) with your bank information you should receive an electronic payment on January 4th. Those that have not registered with the IRS will have their payment, either a check or a prepaid card, mailed directly to them. All payments are expected to be made by the end of January 2021.
If you filed taxes in 2019 and included your bank routing and account number for payments or refunds, and this information has not changed, the IRS has the information it needs to send your payment electronically.
Checking on the status of your payment.
You can check the status of your payment by visiting the IRS' "Get My Payment" web tool.
Here are several options to help you know when you have received your Economic Impact Payment if it will be deposited to your Horizon account electronically:
Check to see if you have received your payment by visiting www.irs.gov/coronavirus/economic-impact-payments
Setup alerts in Online Banking to be notified when your payment has been deposited
Use our automated Telephone Banking service to check the balance in your account at 888-904-2265 (BANK)
Contact your local branch or our Customer Service Center at 888-873-2640
Use our mobile app to check your account balances. Get the App
Beware of Economic Impact Payment scams!
It is important to remember that banks or the federal government will never contact you by telephone, text or email asking for your account information. Do not provide any banking information to anyone claiming to be registering you for your relief payment.
This information supplied by the American Bankers Association