Economic Impact Payment Resources and Support

Update on 6/8/2020 at 4:00pm

Thank you for your interest in the Mid-Michigan Chapter of Credit Unions’ Flood Relief Grant. Due to the incredible need in our area and the overwhelming response, we regret to inform you that applications have exceeded available funding and are currently closed.

On April 2, 2020, the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments to help Americans combat the financial effects of the COVID-19 pandemic. As always, Sunrise Family Credit Union is committed to providing the guidance and support you need so you can focus on your loved ones’ health and wellness and staying safe. If your finances have been impacted by the pandemic, you're not alone. We’re here to help you understand how to get your economic impact payment quickly and safely.

Economic impact payment top tips:

1.  Check to see if you’re eligible. Visit www. irs.gov/coronavirus/economic-impact-payments for information on eligibility.
2.  Get in the know about avoiding fraud and scams. Use the #FTCScamBingo to learn more about avoiding COVID-19 related scams. (More information is available under general questions in this document.)
3. Take steps to avoid getting a paper check so you can get your money faster without having to leave your home. The IRS has developed a portal where consumers can check the status of their refund and provide their direct deposit information. Check irs.gov/coronavirus for timing.

How much money am I eligible for?

According to the U.S. Treasury, 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. 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. Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child. If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return. Visit irs.gov/coronavirus for more information.

Need help with your account or routing number? Call us @ (989)684-1730. In the coming weeks, the IRS will be developing a web-based portal where you can check the status of your refund and provide your direct deposit information.

Protect yourself from fraud and scams: Scammers are already trying to take advantage of COVID-19 to steal your money or personal information. Be aware, they may:

• Ask you to sign over your economic impact payment check to them.
• Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
• Suggest you can get a tax refund or economic impact payment faster by working on your behalf. This scam could be conducted by social media or even in person. Learn more about protecting yourself from fraud and scams in the FAQs below.
• Tools to help you manage your money:
•  Online banking and mobile banking: Check balances, pay bills, transfer money and more.
•  Remote Deposit Capture: Take a quick photo of a check to make a deposit in our app.

General questions:

Am I eligible for an economic impact payment?

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. 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.

Eligible taxpayers who filed tax returns for either 2019 or 2018 and provided direct deposit information will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples - no additional action required. Parents also receive $500 for each qualifying child.

Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS portal to provide your direct deposit information to get paid as quickly as possible. If you’re not typically required to file taxes and don’t receive Social Security benefits, you’ll need to file a simple return with your banking information. Visit irs.gov/coronavirus for more information.

Source: U.S. Treasury

If yes, how much am I eligible for?

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate your payment amount. If you have not yet filed your return for 2019, the IRS will use information from your 2018 tax filing to calculate the payment. Visit irs.gov/coronavirus to learn how much money you may be eligible to receive. The eligibility for, and amount of stimulus payments, will vary according to your income and family situation, but you can find examples of the various scenarios here.

How do I receive my economic impact payment?

For eligible recipients, if you have filed a tax return for 2019 or 2018 or receive Social Security from the government, the IRS will calculate and automatically send the economic  impact payment to you. The economic impact payment will be deposited directly into the same account you indicated on your tax return.

Source: IRS

The IRS does not have my direct deposit information. What can I do?

The IRS has developed a web-based portal (irs.gov/coronavirus/get-my-payment) for individuals to provide their banking information online. You'll need to visit the portal and provide your account number and routing number so that you can receive a payment directly to your bank account. Otherwise, you'll have to wait for a check in the mail.

Source: IRS

I don’t have a bank account to receive direct deposit. What can I do?

Sunrise Family Credit Union may be able to help you open a new account. If you choose to open a new account, you’ll need to provide the account number and routing number to the IRS so they can direct the payment to your account. In the coming weeks, theU.S. Treasury plans to develop a web-based portal where you can provide your banking information to the IRS online.

Alternatively, you can opt to receive a check in the mail. Keep in mind that checks will be distributed over time and will take longer to arrive than a direct deposit. Directions for how to receive a check in the mail will be posted in the coming weeks to the web-based portal.

I receive Social Security and do not file a tax return, do I need to take any action?

No, Social Security recipients who are not typically required to file a tax return do not need to take action. You will receive your payment directly in your bank account where you receive your Social Security benefit. If you typically receive a paper benefit check, you'll want to visit the IRS web-based portal to provide your account number and routing number to get paid as quickly as possible.

When will the payment arrive?

The Treasury Department has said it wants payments to begin arriving around mid-April. Direct Deposit payments will most likely arrive first. In the coming weeks, the IRS plans to develop a web-based portal for individuals to check the status of their payment and/or provide their banking information online so that individuals can receive payments directly to their account if their payment has not already been sent as a check through the mail.

What’s the fastest method to receive my payment?

For eligible recipients, the fastest way to receive your payment is to make sure you’ve filed a tax return for 2019 or 2018 that includes your direct deposit information so the government can send the money directly to your account.

If you have yet to file a tax return for 2018 or 2019, you should file one now. The IRS will be sending out direct deposits weekly as they process additional tax filings. For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, keep in mind that economic impact payments will be available throughout the rest of 2020.

I cannot find my payment. Where was it deposited?

You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot find the payment and have not received a paper notice, If you cannot locate the payment and have not received a paper notice, the IRS plans to open a new, online portal for economic impact payments. The portal will allow taxpayers, once authenticated, to find out the status of their economic impact payments and, if no payment or check has been issued, they can provide their banking information for direct deposit.

Why did I receive less than the amount owed?

Payments will be made in the full amount owed and are not subject to income tax deductions. According to Treasury, the payments may only be reduced by delinquent child support sent to the Treasury’s Bureau of Fiscal Service for collection, but you will receive notice from the Treasury if this happens.I was not required to file taxes in 2018 or 2019, am I still eligible to receive a payment? Maybe. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate economic impact payments to recipients of benefits reflected in the Form SSA1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time. Please visit www. IRS.gov/coronavirus for more information.

Are the payments taxable?

No. Economic impact payments are federal income tax refunds and are not subject to federal income tax.

Source: Congressional Ways and Means Committee

How do I avoid fraud and scams?

The IRS and its Criminal Investigation Division are reporting a wave of new and evolving phishing schemes (scammers who send emails with links to steal personal information that look like they come from legitimate sources) related to COVID-19. Be aware of the tactics fraudsters may deploy, such as:

• Emphasizing the words "Stimulus Check" or "Stimulus Payment." The official term
• the IRS is using is, “economic impact payment (or “EIP”).”
• Asking you to sign over your economic impact payment check to them.
• Asking by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
• Suggesting that you can get a tax refund or economic impact payment faster by allowing them to work on your behalf. This scam could be conducted by social media or even in person.
• Mailing you a bogus check, perhaps in an odd amount, then telling you to call a number or verify information online in order to cash it.

If you receive unsolicited emails, text messages or social media attempts to gather information that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), the IRS is asking that you forward it to phishing@irs.gov.

Are there additional resources available to help me avoid scams?

Here is a list of additional resources to avoid scams, fraud and identity theft:

• Avoid Coronavirus Scams
• FTC Coronavirus (COVID-19) Pandemic: The FTC in Action
• FTC Coronavirus Scam Bingo

What if I need to update the account information I provided when I filed taxes?

Please visit irs.gov/coronavirus for guidance on how to set up or change your direct deposit information.

How do I know the payment arrived?

You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot locate the payment and have not received a paper notice, then check the web-based portal for the status of your payment as it may still be processing. You can also check to see if the money has arrived by signing into online or mobile banking and checking your transaction history.

Don’t have online or mobile banking?

Sunrise Family Credit Union makes signing up for mobile banking fast and easy. Just follow these steps to get started.

1. Download the Sunrise Family Credit Union app

2. Answer a few questions and input a one-time security code to verify your identity

3. Create a username and password

4. Accept the terms and conditions

I want a paper check, how do I update my address so that the IRS can send my check to the correct address? Visit irs.gov/coronavirus to learn more.

I don't have access to visit a Sunrise Family Credit Union, how do I deposit a check? if you can’t visit a Sunrise Family Credit Union location to deposit the check, you have a few options to make a deposit.

1. Make a deposit remotely using our mobile banking app and the remote deposit feature.

The following are requirements for each check deposited through Remote Deposit Capture:

• You must endorse the back of the check with a restrictive signature "FOR RDC ONLY AT SFCU" with your signature and account number.
• Cannot be a foreign item Example: checks drawn on financial institutions located outside the United States or not payable in US Dollars.
• Maximum per day $2,500.00
• Payee of the Check must be on the account. Including joint owners.
• Cannot be any Checks where the numerical amount and the written amount don't match.
• The check has to be written in black or blue ink.
• Cannot be any Check without a MICR Line on the bottom.
• Cannot be any Check previously converted to a substitute check.
• Cannot be any Check that are no-negotiable (example: credit for merchandise).
• Cannot be any Temporary Checks or Counter Checks.
• Cannot be previously returned for any reason.

For assistance please contact our friendly Member Service Department 800-589-1079.

2. To deposit a check by mail, endorse the check by signing it and writing "for deposit only at Sunrise Family Credit Union” on the back and write your account number under the endorsement.  Be sure to include this information: without it, we may not be able to locate your account and process your check. Then, mail it to the addresses below:

Sunrise Family Credit Union

404 S. Euclid Ave.

Bay City, MI 48706

Please note, at the time of this writing, the CDC recommends staying at home. We are encouraging customers to follow this advice by signing up to receive your payment electronically.  If you think you are going to receive a paper check, you’ll need to visit the web-based portal to learn how to update the IRS with your direct deposit information. Visit irs.gov/coronavirus to learn more