If you’re still waiting on your Economic Impact Payment from the IRS, you’re not alone.
Around four million taxpayers have not received the funds because the IRS did not have direct deposit information on file for them. On May 18th, the Treasury Department announced that these individuals will receive a prepaid debit card called an Economic Impact Payment (EIP) Card. These Visa debit cards function the same as other debit cards and will be accepted anywhere Visa is accepted, including ATMs. Note that recipients will not incur ATM fees at AllPoint brand ATMs and that free Money Network checks can be requested through Metabank, which has developed a website and app for recipients to check their balances and transfer funds to personal bank accounts without incurring fees. Click here for more information on the EIP card. The picture above this blog post is what these cards will look like.
Some speculate that this decision to issue a debit card instead of a check was to offer more fraud protection and the potential to be reloaded in the case of future stimulus programs, though the IRS did not include their rationale in the announcement. These cards also have the added health benefit of avoiding millions of would-be in-person transactions as recipients would cash/deposit paper checks.
While four million taxpayers will receive the EIP card in lieu of a direct deposit, there are still another 15 million or so who have not received their payments for other reasons. If you are one of these individuals, the IRS has created a call line specifically for stimulus payments and is in the process of adding 3,500 call center agents to answer questions. The number is 800-919-9835, although it may not be easy to get through. That is why the IRS recommends you utilize the Get My Payment tool on their website to track or troubleshoot your stimulus payment. They also regularly update their Economic Impact Payment Information Center and Get My Payment FAQ page with information as it becomes available and as the IRS continues to process remaining payments.
As a reminder, eligible taxpayers will receive up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child as an Economic Impact Payment. Taxpayers 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, and those with income above those amounts will have the payment reduced by $5 for each $100 above the $75,000/$150,000 threshold up to a limit of $99,000 (single)/$198,000 (joint).
If you have any questions about Economic Impact Payments or would like advice on what to do with your stimulus check, please do not hesitate to contact us.