NOTICE: Kinetic full-service branches are currently open with limited lobby traffic. Appointments are available. Visit our COVID-19 response page for the latest information.
The Federal Government passed the $1.9 trillion American Rescue Plan on March 11. An important provision is the direct payments of up to $1,400 to eligible taxpayers. What does that mean for our valued members? We’ve highlighted important points below to help you prepare. Visit irs.gov for the latest information.
Who will receive a stimulus payment?
- Adults with income up to $75,000 and heads of household who earned up to $112,500 will receive $1,400.
- Married couples who file jointly with income up to $150,000 will receive $2,800, or $1,400 per person.
- Parents of dependent children will receive $1,400 per child.
Which year of income determines my eligibility?
Your stimulus payment will be determined based on the most recent record on file with the IRS. If you have already filed your taxes this year, it will be 2020. If not, it will be based off of 2019 income.
When and how can I expect to receive my payment?
This round of stimulus payments could begin as early as mid-March. The IRS will direct deposit payments into the account that you provided on your 2019 or 2020 tax return. If direct deposit with the IRS has not been set up, the IRS will mail checks, however payments via check are expected to take longer. No specific timeframe on deposits is known at this time.
How will I know if my payment has arrived?
- The best way to check the status of your deposit is through mobile banking or home banking. You can get immediate access to your account information and set up alerts for any deposit activity.
- You can also track the status of your payment through the Get My Payment tool located on the IRS website.
IMPORTANT: We do not recommend calling the credit union as call volumes are expected to be very high, leading to longer hold times.
As your financial partner, Kinetic encourages you to BE CAREFUL.
As with the last round of direct payments, be on the lookout for potential scams from phishing emails, phone calls and copycat websites. Scammers may pose as a government official or agency as a way to gain access to your personal information. Be wary of emails, phone calls and messages that request your confidential info. Keep your information secure and watch for any suspicious activity.
Please visit irs.gov for more detailed information, which will be updated as new information becomes available.
Thank you for letting us take care of your financial needs. We are proud to be your financial partner.