Economic Impact Payment

The federal government recently passed the CARES Act to support millions of people during these unprecedented times caused by the coronavirus (COVID-19). This sweeping legislation offers financial assistance directly to individuals and families.  Most of the following information is from the IRS at www.irs.gov

Are you eligible for a cash payment?

You can qualify if you meet the following conditions: You are a U.S. citizen or resident alien who:

• Has a valid Social Security number,
• Could not be claimed as a dependent of another taxpayer, and
• Had adjusted gross income under certain limits (see below).

How much could you receive?

Most individuals earning less than $75,000 can expect a one-time payment of $1,200. The tax rebate then phases out for individuals making between $75,000 and $99,000. Families would also get $500 per child. For example, a family of four earning less than $150,000 can expect $3,400.

When and how will you receive the payment?

According to the government, the IRS will send the early rounds of economic impact payments via direct deposit to eligible recipients as early as April 15. 

The IRS already has direct deposit information for millions of taxpayers who receive their refunds this way. For those who filed tax returns but are not sure whether the IRS has their bank information or wish to update it, the IRS is developing an online portal to check the status of their information and their payment. That portal—“Get My Payment”—can be found on the IRS website.

To receive the payment quickly and securely, the IRS is encouraging all eligible recipients to set up a direct deposit to their bank (if they haven’t already) using the bank’s routing number and their checking account number. Watertown Savings Bank’s routing number is: 211370176.

How can you check if you received your economic income payment?

Enroll or log in to WSB Online Banking on our homepage or the WSB Mobile Banking app on your smartphone to access your account. You will be able to monitor your account balance from the safety of your home or virtually anywhere. Learn more about our digital banking tools.

In addition, getting your payment directly deposited into your bank account reduces potential fraud or scamming schemes. Stay vigilant by regularly checking your bank accounts online or through your WSB Mobile Banking app.

What if you have a bank account, but do not wish to set up a direct deposit?

If you have a bank account, but do not wish to set up a direct deposit, you will still be eligible to receive the payment in a paper check. Please note, the paper checks may be sent out weeks after the electronic checks are sent. 

If you receive a paper check, you will be able to deposit it to your WSB account using Mobile Deposit on the WSB Mobile Banking app on your phone. You could also deposit it at a WSB ATM location or through one of our drive-up locations. 

What if you didn’t file taxes in 2018 or 2019?

You may use the Non-Filers form if you meet the following criteria:

• Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
• Were not otherwise required to file a federal income tax return for 2019, and didn't plan to

You can provide the necessary information to the IRS easily and quickly for no fee through the Non-Filers form. Visit the IRS website to locate the Non-Filers form. The IRS will use this information to determine your eligibility and payment amount and send you an economic impact payment. After providing this information you won’t need to take any additional action.

What can you do to prevent fraudsters from accessing your funds?

Watch out for schemes related to the disbursement of the economic impact payments. Remember, no one from the IRS will be reaching out to you by phone, email, mail or in person asking for any kind of information to complete your economic impact payment. 

Scammers may refer to the economic impact payments as a “stimulus check” or “stimulus payment”. They may ask you to sign over their check to them. They may ask by phone, email, text, or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up their economic impact payment. Learn more about other potential scams on Financial Protection and stay vigilant.

What should you do if you are expecting a payment or check and it did not come?

The IRS will send a paper notice in the mail no later than a few weeks after your payment has been disbursed. The notice will contain information about where the payment was sent and in what form it was made. If you cannot locate the payment at that point, contact the IRS using the information on the notice. Consumers should be wary of fraudsters who are already attempting to scam people out of their payment, and keep in mind that the government will not contact you by phone, text or email about this payment. 

For more information, visit the IRS website directly at www.irs.gov

If you need additional assistance with your WSB bank account, please contact Customer Support at 617-928-9000.
 

Source: this information was originally posted on the IRS website at www.irs.gov

Disclaimer: Watertown Savings Bank cannot advise on the economic income payments. Watertown Savings Bank does not provide any tax advice.