With the new American Rescue Plan Act of 2021, you may have questions about the latest Economic Impact Payment. Mid Oregon Credit Union has assembled some information and resources to assist our members and the community.
The 2021 Economic Impact Payment differs slightly from the past two stimulus payments. Changes include:
- Eligible households should receive $1,400 for individuals or $2,800 for married couples, and $1,400 per eligible dependents.
- Higher earners receive smaller to no payments. If your Adjusted Gross Income (AGI) from your 2019 or 2020 tax returns is more than $75,000 per individual, or $150,000 for joint filers, your payment may be lower, or be phased out entirely.
- Dependents older than age 16 from eligible households will receive $1,400 payments.
Where can you find information about your payment?
The IRS’s Get My Payment webpage is your best resource. It includes the Get My Payment tool, answers to frequently asked questions, and links to information about the first and second Economic Impact Payments and the 2020 Recovery Rebate Credit.
When will payments arrive?
Electronic payments started as early as March 12 and could continue for several weeks. Paper checks or debit cards mailed to households may take a bit longer to arrive.
How do I know when my payment has been received?
You may need to check your financial institution’s account over the next few weeks for a deposit. The most efficient way to use your institution’s online banking. If alerts are available with your online banking, set one to be notified any time a deposit is processed. Using online resources will save time and prevent potential phone or in-person wait times with your institution. During these periods, financial institutions typically experience a higher number of calls and visits to branches. For more information about Mid Oregon’s online (digital) banking, click here.
What if an address or account number has changed?
Payments should be issued to consumers in the same manner as their prior Economic Impact Payment. If you had difficulties with a previous round of payments or something has changed, you should visit the IRS’s Get My Payment webpage for answers to your questions and to update your information on file.
What if I received a payment by debit card?
To learn more about activating and using an Economic Impact Payment (EIP) card, visit the Federal Treasury website. The site also provides instructions on how to transfer debit card funds to your financial institution. To set up the transfer, you will need your financial institution’s routing number and account number.
For additional updates about the 2021 Economic Impact Payment, visit Mid Oregon’s COVID-19 information webpage.