Skip to main content
Good Morning!
Your Resource Center for Economic Impact Payments
young woman looking at smartphone in her home

Economic Impact Payments

Many Americans have started receiving economic impact payments as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). These direct deposits or checks can provide welcome relief to the millions of people impacted by coronavirus. The payments also come with a lot of questions. We'll answer a few common questions here and be sure to visit the IRS information center for more FAQs.

Do I qualify for a payment and how much?

There are income thresholds to determine if you receive the full payment, a partial payment or no payment at all. Let’s take a look at the income guidelines and payment amounts.

Income requirements for a full payment

Your adjusted gross income is used to determine your payment. Here are the income requirements to receive the maximum economic impact payment.

 Individual FilersHead of Household FilersMarried, Filing Jointly
Adjusted Gross Income to receive the full payment Up to $75,000 Up to $112,500 Up to $150,000
Payment amount $1,200, plus an additional $500 per child $1,200, plus an additional $500 per child $2,400, plus an additional $500 per child

Income requirements for reduced payments

Individuals who make more than the income requirement for full payment and fall in the ranges shown below, may be eligible for a reduced payment.

 Individual FilersHead of Household FilersMarried, Filing Jointly
Adjusted Gross Income to receive the full payment Over $75,000, up to $99,000 Over $112,500, up to $136,500 Over $150,000, up to $198,000
Payment amount See IRS FAQs >> See IRS FAQs >> See IRS FAQs >>

Most Americans are eligible provided they meet the income guidelines, are a US citizen, have a social security number, and are not claimed as a dependent of another taxpayer. Retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits are eligible. Also, taxpayers who do not make enough money to normally have to file a tax return will receive payments. For more information about other eligibility requirements, visit the IRS economic impact payment information center.

When will my payment arrive?

Direct deposit payments began arriving in accounts the week of April 13. Payments are staggered, with the majority of direct deposits being received throughout April. You will likely receive an electronic payment if the IRS has bank account information on file from your 2018 or 2019 taxes and you received a refund via direct deposit. It's expected that paper checks will soon begin to be issued.

Check your payment status at the IRS

What action do I need to take to receive a payment?

If you’ve filed taxes in 2018 or 2019, you don’t need to take any action to get a payment. We recommend you file your 2019 taxes as soon as possible if you have not already done so.

If you do not typically file a tax return, see if you need to take action by visiting the IRS economic impact payment information center. For non-filers who need to provide payment information, a portal is now available. Learn more at the IRS website.

What if the bank account I provided to the IRS is no longer an active account?

We encourage you to reach out to us as soon as possible if you think you may receive a payment to a closed Bank of Missouri account. Give us a call at 888-547-6541. There may be ways we can assist you in still getting your payment electronically.

The IRS has a portal that allows people to enter updated information, as well as track the status of your payment. However, the tool does not allow you to change direct deposit bank account information already on file. The portal can only be used by people who have filed a tax return and did not use direct deposit, if their payment is not already scheduled for delivery.

Is my economic impact payment taxable?

No, your payment will not be taxed. The IRS states that it will not reduce your refund or increase the amount you owe when you file your 2020 tax return next year. Contact your tax advisor if you have questions.

How can I stay safe from scams?

You can bet when there’s money involved, scammers will be hard at work trying to get their hands on your payment. Please be very watchful of scams. A common one we expect to see is a scammer sending a fake check in the mail that is larger than your payment should be. They will ask you to send the portion that is an overpayment back to them in gift cards, wires or by check. The IRS will not send you an overpayment and you will not need to return any funds to the IRS. You can be sure this is a scam if you see something like this.

Also, the IRS will not contact you asking for your bank account number or your Online Banking login information. We expect to see a lot of scammers calling or emailing you claiming they need your information to process your payment. The IRS will use the information they already have on file for you or they will mail you a paper check. Be wary of any other websites asking for your information to process your payment. And remember, the IRS will not call or email you in relation to your economic impact payment.

 
External Link Disclaimer

You will be linking to another website not owned or operated by The Bank of Missouri. The Bank of Missouri is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by The Bank of Missouri of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from The Bank of Missouri.

If you "Continue", the link will open in a new window.

Email Disclaimer

Because there is a risk information transmitted via Internet email could fall into the wrong hands, The Bank of Missouri suggests confidential information, such as account numbers or social security numbers, not be transmitted via email. If this information must be stated, please contact The Bank of Missouri by phone or at your nearest branch.

If you "Continue", the link will open a new email message in your default email program.

Redirecting to http://www.fcins.net/

First Choice Insurance Agency, Inc is a wholly owned subsidiary of Reliable Community Bancshares, Inc., parent company of The Bank of Missouri.

Continue ×