Economic Impact Payment Information
Updated January 15, 2021
When should I expect my 2nd economic impact payment?
The IRS until January 15th to mail or deposit the 2nd round of the Economic Impact Payments. For those who qualify, the funds will be directly deposited into the same bank account reflected on your last tax return.
NOTE: Please keep in mind, since Launch Credit Union is simply processing the payments as they come in, we will not be able to answer questions relating to when or if you will receive a stimulus payment.
Here are a few ways to monitor your account:
- Log into Digital Banking. Monitor your account by using Digital Banking. Not enrolled in Digital Banking? Click HERE
- Receive an Alert. Set up an Alert in Digital Banking to know exactly when your stimulus payment is deposited to your account.
(Menu > Settings > Alerts > New Alert > History Alert > Transaction Type / Credit Transaction > Amount > Account > Delivery Method / enter applicable info > Create Alert)OR(Menu > Settings > Alerts > New Alert > History Alert > Transaction Type / Description > Enter: IRS > Account > Delivery Method / enter applicable info > Create Alert)
- Sign up for Audio Response System. Access 24/7. Option 1 in phone system. Get your balances, transfer funds, review history and more. Last 4 of your SSN will be your temp password during the initial set up.
If the account is closed or no longer active, the bank will reject the deposit and you will be issued a check that will be mailed to the address we have on file for you. This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS). You do not need to call the IRS to change your Payment method or update your address at this time.
As required by law and for security reasons, a letter about the Payment will be mailed to each recipient’s last known address within 15 days after the Payment is made. The letter will provide information on how the Payment was made and how to report any failure to receive the Payment.
If your direct deposit account information that the IRS has on file is the tax preparer, it is possible your Economic Incentive Payment will be directed to the tax preparer’s account. In this case, you will have to contact your tax preparer to gain access to those funds.
NOTE: The IRS will send you a letter in the mail to the most current address they have on file about 15 days after they send your payment to let you know what to do if you have any issues, including if you haven’t received your payment.
How is the amount I receive determined?
According to the bill, the amount you will receive from the COVID-19 stimulus plan is determined by your AGI and your tax filing status. The government will calculate the Economic Impact Payment and automatically send to those who are eligible using either your 2018 or 2019 tax filing to calculate the payment. The funds will be directly deposited into the same bank account reflected on your tax return.
Check out this calculator to determine how much you might receive.
Where can I find my AGI?
To find your Adjusted Gross Income (AGI), look on a copy of your tax return.
2018 Tax Return:
- On Form 1040, your AGI will be in line 7
- On a Form 1040EZ, your AGI will be on Line 4.
- On a Form 1040A, your AGI will be on Line 21.
2019 Tax Return:
- On Form 1040, your AGI will be on Line 8b
You can find the latest information and FAQ’s regarding the Economic Impact Payment here.
Economic Impact Payment Scams
COVID-19 scams continue to pop up every day and now scammers are targeting the $2 trillion dollar stimulus relief package. This is an easy target for scammers because the package is new and people have questions.
Launch has you covered on all fronts with the economic impact payment details and how you can avoid these scams. Check out our video below: