Millions of adults in the United States will automatically be receiving a payment of up to $1,200 as part of the federal economic relief plan to soften the blow from the coronavirus pandemic. The goal for delivery of the money is sometime in April.
Eligibility will be based on reported income from your 2019 tax return if you have already filed, or your 2018 return if you have not filed for 2019. To be eligible, you also must have a Social Security number.
The stimulus money will be directly deposited into your bank account if the IRS already has that information from your tax return, otherwise a check will be mailed to you. If you receive your check by mail, a fast way to get it into your account will be to use mobile deposit via your financial institution’s mobile banking app.
Here are some highlights of the plan:
• Individuals with annual adjusted gross incomes of $75,000 or less will receive $1,200.
• Married couples will get $2,400 if their income is under $150,000.
• Families will also get an extra $500 per child 16 and younger.
• The amounts people receive will be reduced on a sliding scale for individuals making up to $99,000 and married couples up to $198,000.
• Those who filed as heads of household and earn up to $112,500 a year will get $1,200 and $500 per child. The amount those adults receive will decline on a sliding scale to those earning up to $136,500.
• Those receiving Social Security benefits will receive the payments as long as their income does not exceed the limits. If you didn’t need to file a tax return, the information from form SSA-1099 will be used to send the money.
• In general, the checks will not be taxable, although there could be some exceptions.
Getting Your Stimulus Payment:
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
• Click here:
o If you do not file taxes. Use the “Non-Filers: Enter Your Payment Info Here” application
o If you need to update your bank account information or address
• If you filed a tax return for 2018 or 2019, click here to:
o Check your payment status
o Confirm your payment type: direct deposit or check
o Enter your bank account information for direct deposit if we don't have your direct deposit information and we haven't sent your payment yet
Don’t forget to log into CityNET to check if your stimulus payment was deposited in your account. For more details from the IRS, visit irs.gov/coronavirus.
Depositing Funds At City National Bank
If your stimulus payment was not direct deposited into your CNB account, here are some options on how to deposit your check:
• Click here to search for a drive-thru location, find a deposit ATM, or visit an in-store branch located within local Walmart’s.
• Click here to make an appointment at a branch that has a closed lobby. Don’t forget to let us know the address of the branch you’d like to visit! Check location addresses here.
• Use Remote Deposit Capture to snap a photo of your check.
Don’t have an account with CNB?
Apply online for a consumer or business checking or savings account now by clicking here.