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Stimulus Checks: What You Need To Know

Wondering if you’ll receive a stimulus check, and when it may come? Here’s what we know.

How will I receive my stimulus payment?

If you received a tax refund via direct deposit, whether it’s with Service Credit Union or a different financial institution, your stimulus payment will be deposited into that account. All others will receive a paper check or EIP card.

Which year of income determines eligibility?

The most recent year on record at the Internal Revenue Service. If you’ve already filed your taxes this year, it would be 2020. If not, it would be 2019.

Who is eligible for the stimulus payments, and how much are they?

The stimulus payments will be $1,400 for most recipients. Those who are eligible will also receive an identical payment for each dependent claimed on their federal tax return, regardless of age. In the previous two rounds of stimulus relief, parents could only get a payment for dependents who were 16 or younger.

To qualify for the full $1,400, a single person must have an adjusted gross income of $75,000 or below. For heads of household, adjusted gross income must be $112,500 or below, and for married couples filing jointly that number has to be $150,000 or below.

To be eligible for a payment, a person must have a Social Security number.

Is there a partial payment for higher earners?

Yes. But payments phase out quickly as adjusted gross income rises.

For single filers, the checks decrease to zero at $80,000. For heads of household, the cutoff is $120,000. And for joint filers, the checks stop at $160,000.

Payments for children decrease in the same way.

Do college students count as eligible dependents?

College students whom qualifying taxpayers claim as dependents are eligible. (They weren’t for past payments.) The payment goes to the parent taxpayer, not the child.

Do older relatives who live with us count as eligible dependents?

If claimed as dependents, these relatives are also eligible this time. The payment goes to the qualifying taxpayer, not the dependent adult.

What if I receive a stimulus payment based on my 2019 tax return, but the income reported on the 2020 return that I haven’t filed yet will be too high to qualify?

You will not have to return the money.

What if I am newly eligible for a stimulus payment based on my 2020 income, but I haven’t filed my 2020 return?

You may try to file it quickly, in hopes of receiving your payment faster. But there’s no guarantee your return will be processed on time.

However, the bill includes a provision for the Treasury Department to make supplemental payments by September. If you don’t get one then, you can claim the $1,400 when you file your 2021 taxes.

If I have a baby anytime in 2021 and meet the income qualifications, will I get a $1,400 payment for the child, too?

Any baby born in 2021 (or before) is eligible.

When will my payment arrive?

During the last round of payments, the IRS got the first payments out within a few days. As before, you should be able to track the status of your payment via the IRS Get My Payment tool. Be aware that the volume of users sometimes overwhelms the site.

Please avoid calling our Contact Center for questions on when the payments will arrive, as that is not something we can confirm on an individual level.

What should I do if I still haven’t gotten a payment from a past round of stimulus?

If you were eligible to receive it, you may try to recover it through the Recovery Rebate Credit when filing your 2020 return. Make your claim on Line 30 of Form 1040 or 1040-SR.

What do the paper checks look like?

Unlike the last round of checks, these stimulus payments will not include the President’s signature.

How do I use the EIP card?

If you don’t have payment information on file with the IRS, you may receive an EIP (Economic Impact Payment) debit card instead. This is a prepaid debit card that can be used to make purchase, get cash from in-network ATMS and transfer funds to your personal bank account without a fee. You will need to activate it using the number on the back of the card and set up a 4 digit PIN. For a list of participating surcharge-free ATMs, as well as more information on how the card works, click here.