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Economic Impact Payment FAQ

The Treasury Department and IRS will begin providing a second round of Economic Impact Payments December 29, 2020. For information about these payments, please visit https://www.irs.gov/coronavirus/get-my-payment or see the FAQ below.

 

When will my payment arrive?

The initial direct deposit payments may begin arriving as early December 29 for some and will continue into next week. Paper checks will begin to be mailed Wednesday, December 30.

How will I receive my payment?

Most recipients will receive payment by direct deposit. For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.  Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January. If additional legislation is enacted to provide for an additional amount, the Economic Impact Payments that have been issued will be topped up as quickly as possible.  For more information, please visit https://www.irs.gov/coronavirus/get-my-payment.

When will my payment arrive in my PTF account?

PrimeTrust receives direct deposits/transactions from the Federal Reserve three times per day.  We encourage you to set up and use deposit alerts in your PTF Online Banking account to receive notification when your payment is posted to your account.

Am I eligible for the second Economic Impact Payment?

Generally, U.S. citizens and resident aliens who are not eligible to be claimed as a dependent on someone else’s income tax return are eligible for this second payment.  Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.  Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.   Please visit https://www.irs.gov/coronavirus/get-my-payment for more information.

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

People can check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on IRS.gov. The tool is being updated with new information, and the IRS anticipates the tool will be available again in a few days for taxpayers.  Please visit https://www.irs.gov/coronavirus/get-my-payment for regular updates.

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