Stimulus Payment? It Could Come as a Debit Card. Here’s What You Need to Know.

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As part of the economic stimulus package in the CARES Act, if you are at a certain income eligibility, you will receive a stimulus payment (economic impact payment). 

Checks are still being mailed out, and some will arrive as late as September. Recently, there has been a new set of economic impact payments mailed out as debit cards.

Who is eligible? 

People eligible are those who have filed taxes in 2019 or 2018 with adjusted gross incomes of $75,000 or less. The payment will go down by $5 for every $100 earned over $75,000, and those who earned more than $99,000 for a single adult, or $198,000 for a couple, will not receive a check.

The IRS will take the information from your 2019 tax return, or 2018 return if you haven’t filed already, and will send the check to you. In most cases, there is nothing that you need to do. 

People on Social Security who have not filed taxes and meet the income eligibility requirements will receive a check. 

Check amounts

The IRS is stating that checks will be up to the following amounts:

  • Single adults – up to $1,200
  • Married couples – up to $2,400
  • Children – up to $500

Social Security recipients

People on Social Security, as well as railroad retirees, will still get the stimulus checks even though they didn’t file taxes. They should receive the total amount of $1,200. As mentioned before, if your annual adjusted gross income is over $99,000, you won’t receive a check.

What the IRS has sent so far

Here is what has been sent out so far, according to the IRS. 

  • April 24: 88 million checks, $158 billion
  • May 8: 127.5 million checks, $217 billion
  • May 22: 152 million checks, $258 billion
  • June 4: 159 million checks, $267 billion

These numbers don’t include the $2.5 billion sent to people in U.S. territories. 

Economic impact payment (EIP) debit cards

Around 4 million people will receive their economic stimulus payment in the form of a debit card. These cards were mailed beginning in mid-May. You will get a debit card if the government does not have your bank account information on file. You can’t choose to receive the stimulus payment as a debit card; the government makes that decision. 

The prepaid debit card can be used to make purchases, withdraw money from an ATM, or transfer money to your bank account. To make sure the card is legitimate, check to see if Visa appears on the front of the card. The issuing bank on the back of the card should read MetaBank, N.A. 

Junk mail?

Some Americans are throwing away the stimulus cards thinking they are junk mail. The card will come in a simple white envelope that reads “Money Network Cardholder Services.” It will include a letter stating that it is your stimulus payment. If you threw your card away, call 1-800-240-8100 and ask for a replacement card. 

A second wave of checks

If the Heroes Act gets passed in the Senate, there could be a second round of stimulus checks sent out. There is another bill put forth by Rep. Tim Ryan (D-Ohio) and Rep. Ro Khanna (D-Calif.) that would provide Americans with monthly stimulus check of $2,000. 

Next steps

Here is an online calculator for figuring out the size of the check that you will receive. If you filed taxes in 2018 or 2019 there is nothing more you need to do at this time. 

Still have not received a stimulus check? This could be why.

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