Stimulus Check Information
The IRS began issuing Coronavirus relief checks electronically to millions of Americans around April 10. The agency plans to issue checks in waves, with funds deposited directly into individual bank accounts.
Others may not see a check for several weeks or months, depending on the IRS schedule and whether it has accurate bank account information for you. The mailing of paper checks to some Americans begins April 20.
The IRS will deposit relief checks directly into the same MFCU or other bank account you provided for your 2018 or 2019 tax refund, or for your Social Security benefits check.
Visit the IRS Get my payment website to check your payment status or to speed up delivery of your check by providing your 14-digit MFCU account number and the credit union’s routing number (323274869). You’ll need your 2019 or 2018 tax return to confirm your payment.
If you have not filed for two years, visit the nonfilier website.
Distribution of coronavirus checks may take weeks or months. Log into your MFCU online banking account or app to see if your check is coming! Once you log into your account, it should show any pending direct deposits.
Coronavirus checks were approved by Congress to provide short-term financial assistance during the COVID-19 pandemic. The payments may help millions of unemployed workers and others affected by the sudden disruption in jobs and the economy.
Several million Americans, however, will not be eligible under the law, according to IRS press releases and news reports. This includes anyone claimed as a dependent on another’s taxes, such as college students, disabled adults, senior citizens supported by their kids, immigrants without Social Security numbers, and babies born in 2020. (Those newborns should qualify for a tax credit next year.)
The amount of your check depends on how much money you earn and whether you have eligible children under 17. Here’s the announced payout:
$1,200 — to single person with adjusted annual gross income up to $75,000.
$2,400 — to married couple with combined adjusted gross income up to $150,000.
$500 — to the parent for each eligible child under 17. This is in addition to the parent’s own coronavirus check.
Payments are reduced by $5 for every $100 earned above the limits described above, so many who earn higher incomes may still qualify for some money.
There is no requirement for how you use your check. Pay rent or utilities, gas up the car, buy books and materials for students at home, help a friend, and so on. Please note, however, that MFCU will not be cashing stimulus checks from nonmembers; in addition, relief checks are not exempt, meaning they are subject to any levied garnishments, unpaid child support, and so on.
For IRS updates, visit the Coronavirus Tax Relief site.
*Consult your tax advisor about the 2020 Coronavirus checks from the IRS.