Details on the Next Round of Economic Impact Payments

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

The Internal Revenue Service (IRS) and US Treasury has begun issuing the next round of Economic Impact Payments, also known as stimulus payments. To provide members with their funds as quickly as possible, Palmetto Citizens will process these deposits as soon as we receive them and some members began to receive their payment as early as 3/12/21.

Please note, the speed at which someone will receive their payment depends on a variety of factors, including if the IRS already has their current direct deposit information. For more information on these payments, or to check your payment status, please visit the IRS website.

As with the last rounds of payments, these are automatic for most eligible taxpayers and require no further action. To check the status of your payment, please use the IRS 'Get My Payment' tool. If you are eligible and:

  • Have provided the IRS with your current direct deposit information, they should deposit the funds into that account.
  • The IRS does not have current direct deposit information, they should mail a paper check or debit card.

Further information is below, and for more specific details on these payments, please visit the IRS website.

Online, mobile and telephone banking are the quickest way to verify any deposits to your account(s). To learn more about your account access options, please visit our Account Access Page.

Who Is Eligible?

U.S. residents will receive an Economic Impact Payment of $1,400 for individual filers, and $2,800 for those who are married and 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 $1,400 per qualifying child.

  • $75,000 for individuals
  • $112,000 for head-of-household filers (most often single parents)
  • $150,000 for married couples filing joint returns

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

  • $75,001 and $80,000 if their filing status was single or married filing separately
  • $112,001 and $120,000 for head-of-household filers (most often single parents)
  • $150,001 and $160,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income. Those making more than the amounts above will not receive an Economic Impact Payment.

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 website.

How do I find out if the IRS is sending me a payment?

People can check the status of their payments by using the IRS 'Get My Payment' Online Portal tool through IRS.gov. The IRS reminds taxpayers the payments are automatic, and they should not contact their financial institutions or the IRS with payment timing questions.

Beware of Scams

Please be aware that fraudsters often follow the news headlines and will create scams related to these Economic Impact Payments, just as they did for the earlier rounds. 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.