These continue to be challenging times. We understand that government stimulus payments (also known as economic impact payments) are critical to many of our members, so we want to share important information with you. As part of the COVID-related Tax Relief Act, the federal government will begin to provide a second round of stimulus payments to eligible recipients.

Who will get a stimulus payment and how much will it be?

  • Individual tax filers with 2019 adjusted gross income up to $75,000 will get $600.

  • Taxpayers who filed jointly as a couple and earned up to $150,000 in 2019 will get $1,200.

  • Tax filers get an additional $600 per dependent under age 17.

  • Tax filers using the head of household status and who make up to $112,500 annually also get $600, plus the additional amount for children.

  • For individuals without children, the payments go to zero when income reaches $87,000 and that limit is $174,000 for married couples.

  • If you have an income a little over the levels mentioned above, you will receive a partial payment that declines by $5 for every $100 in income above these income levels.

  • Eligible individuals who don't receive a payment via direct deposit or mailed check will have to request a $600 refund when filing their 2020 tax returns.

  • If your 2019 income was too high to allow you to qualify for this stimulus payment, but your 2020 income fell below the limit, you may still receive the benefit when you file your 2020 federal income tax return, which will offer an option to claim this newest stimulus payment as a refundable tax credit.

When will I get my stimulus payment?

  • Distribution of economic impact payments is expected to begin early in January 2021 and continue for several weeks, and the payments will be distributed automatically, with no action required for most people. The Internal Revenue Service (IRS) will calculate and automatically send the economic impact payment to those eligible for them.

  • If you have not received a stimulus payment by the third or fourth week in January 2021, you should check the IRS site for more information.

How will I get my stimulus payment?

The IRS will direct deposit payments into a financial account that the tax filer provided on their most recent tax return. If direct deposit with the IRS has not been set up by the tax payer, the IRS will mail checks or, possibly, debit cards.

To make sure you are providing the correct account information for direct deposits, log in to Online Banking and review the Accounts section:

  • Select the account you want to review.
  • Click the arrow next to Account Details.
  • You can view your account information here. 
  • Confirm that this matches with what you have provided to the IRS.

If you do not have Online Banking and are unsure of your savings/checking account number, please call 706-320-8500 for assistance. 

Please visit the government website irs.gov for more detailed information, which will be updated as new information becomes available.