CARES Economic Relief Payment

CARES Economic Relief Payment:
As you may know, the United States 116th Congress approved and President Donald Trump signed into law the CARES Act. This new law includes a provision for eligible taxpayers who filed a tax return for either 2019 or 2018. An individual can receive a payment of up to $1,200 and a married couple can receive $2,400. Parents will also receive $500 for each qualifying child.*

If you qualify and filed a tax return in 2019 or 2018, then your payment will be directly deposited into the same banking account used for tax filing purposes. If you have not filed for 2019 taxes, then the 2018 tax filing will be used for distribution.** The payments will be distributed by the IRS in waves, so not everyone will receive a payment at the same time. Do not be concerned if someone you know receives one and you have not.

Deposit from the comfort of your home:
If you received your 2019 or 2018 tax return by check, the IRS will mail the stimulus check to the physical address on file. No need to leave your home to deposit. With TFB Mobile Deposit, you can deposit from the comfort and safety of your home.

If you do not have the mobile app, please click here. 

-TFB

 

* For individuals, payments will be reduced for those with an adjusted gross income of more than $75,000 and will be zero for those with an adjusted gross income more than $99,000. For couples, payments will be reduced for those with an adjusted gross income of more than $150,000 and will be zero for those with an adjusted gross income more than $198,000.
** If the IRS does not have your direct deposit information, a solution is in the works for a web-based portal to allow individuals and married couples to provide routing and account numbers to the IRS online for direct deposit.