What You Need to Know About the IRS Economic Impact Payments
Americans will soon be expecting the IRS Economic Impact Payments, intended to help stimulate the economy. These stimulus checks are being provided by the United States Government in the form of electronic deposits starting the week of April 12th, 2020. Americans who have qualified for the program and who have their direct deposit information on file will be the first to receive these payments.
Those who qualify for the program but do not have direct deposit information on file with the IRS, or who do not earn enough income to file taxes, will be mailed checks at a later date from the United States Government. If you did not use direct deposit in 2018 or 2019, the IRS has created a portal at irs.gov/coronavirus, where you will be able to give them your bank information.
Dort Financial has received and posted direct deposits for the IRS Economic Impact Payments for our members as of April 12th, 2020. Because these direct deposits are expected to come in waves, as more stimulus payments are received they will be posted to member accounts on the day they arrive.
Dort Financial does not know the status of when you will receive your payment or how much your payment will be. Please contact the IRS directly for this information. Below are frequently asked questions with answers from information provided on the IRS website https://www.irs.gov/coronavirus/economic-impact-payments.
Tips on what to do with your IRS Economic Impact Payment
- Prioritize bills that are due and bills that directly affect your place of shelter and utilities.
- Check options with your credit union to see if you qualify for loan modifications, this way you can use your Impact Payment where you need it most.
- Save some of your money so you have a cushion for future use.
- Keep your cash in the Credit Union. The safest place for your cash is not under your mattress at home, it is safest at a financial institution insured by the NCUA or FDIC.
- Keep an eye out for suspicious emails from scammers trying to take advantage of this situation.
- If you haven’t done so already, use this payment to file and pay your taxes.
For more information about the IRS Economic Income Payments please view this FAQ.
