Details on the Economic Impact Payments

The IRS has provided the following information regarding the Economic Impact Payments.

The Internal Revenue Service (IRS) has begun issuing the Economic Impact Payments. Palmetto Citizens is processing these deposits as we receive them and members who have provided their direct deposit information to the IRS for their PCFCU account started to receive their payments as early as 4/14.

Please note, the speed at which someone will receive their payment depends on a variety of factors, including if the IRS already has their direct deposit information. To verify, update or provide your direct deposit information, visit the IRS 'Get My Payment' Online Portal.

These payments, also referred to by some as stimulus payments, are automatic for most taxpayers and require no further action for those who filed tax returns in 2018 and/or 2019 as well as most seniors and retirees.

If you’ve provided direct deposit information with your 2019 or 2018 return for a refund, the IRS will deposit the funds into that account. If the IRS does not have direct deposit information, they’ll mail a paper check unless you provide them with direct deposit information prior to them issuing your payment.

Further information is below, and for more specific details on these payments, please visit the IRS Economic Impact Payments Page.

Who Is Eligible?

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to the amounts below. In addition, they are eligible for an additional $500 per qualifying child.

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their adjusted gross income is between:

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • $112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

For more information, please visit the IRS Economic Impact Payments Page.

What Action Do I Need to Take?

For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and/or 2019 as well as most seniors and retirees.

For Non-Filers: If you did not file, or were not required to file a 2018 or 2019 federal income tax return, you can compete an online application through the IRS to receive your payment. For more information on this process, please visit the IRS Non-Filers Information Page.

For Filers Needing to Update Direct Deposit Information: If your direct deposit information has changed since you last filed your taxes, or you did not previously provide your direct deposit information to the IRS, you can log into the new IRS 'Get My Payment' Online Portal to update this information or for more details.

For Filers Needing to Update Mailing Address Information: If you do not wish to provide your direct deposit information and want to have a paper check mailed to you but have moved since you last filed your taxes, you will need to inform the IRS of your new address. For more information on this process, visit the IRS Change Your Address Page.

For more information, please visit the IRS Economic Impact Payments Page.

Beware of Scams

Please be aware that fraudsters often follow the news headlines and will create scams related to the Economic Impact Payments. Please be aware, the IRS will not call, email or text anyone to verify or to update their financial information in order to get an economic impact payment faster. For more information, please visit our Coronavirus-Related Scams Page.