2021 Federal Stimulus Payment Information
On March 11, 2021 the Treasury Department and the Internal Revenue Service announced the distribution of economic impact payments (stimulus checks) to help Americans combat the financial effects of the COVID-19 pandemic.
We understand that government stimulus payments (also known as economic impact payments) are crucial to many of our members, so we want to share important information with you. If you're eligible to receive a payment, you may receive the funds in one of these ways: automatic deposit, paper check in the mail or prepaid debit card in the mail.
As always, Copper State Credit Union is committed to providing the guidance and support you need so you can focus on your loved ones’ health and wellness and staying safe. If your finances have been impacted by the pandemic, you’re not alone. We’re here to help you understand how to get your economic impact payment quickly and safely.
Economic Impact Payment Guide
- Economic Impact Payment Top Tips
- How Much Money Am I Eligible For?
- Need Help Finding Your Account or Routing Number?
- Protect Yourself from Fraud and Scams
- Tools to Help You Manage Your Money
- Receiving a Direct Deposit
- Receiving a Paper Check
- Get My Payment Frequently Asked Questions
Economic Impact Payment Top Tips
- Check to see if you’re eligible. Visit irs.gov/coronavirus for questions on eligibility.
- Get in the know about avoiding fraud and scams. Learn how to tell the difference between a real contact tracer and a scammer.
- Take steps to avoid getting a paper check so you can get your money faster without having to leave your home. In the coming weeks, the IRS will be developing a portal where consumers can check the status of their refund and provide their direct deposit information. Check irs.gov/coronavirus for timing.
How Much Money Am I Eligible For?
How much is the third Economic Impact Payment?
According to the IRS:
Those eligible will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent. Unlike EIP1 and EIP2, families will get a payment for all their dependents claimed on a tax return, not just their qualifying children under 17.
Normally, a taxpayer will qualify for the full amount if they have an adjusted gross income of up to $75,000 for singles and married persons filing a separate return, up to $112,500 for heads of household and up to $150,000 for married couples filing joint returns and surviving spouses. Payment amounts are reduced for filers with incomes above those levels.
Who is eligible for the third Economic Impact Payment and what incomes qualify?
Generally, if you are a U.S. citizen or U.S. resident alien, you are eligible for the full amount of the third Economic Impact Payment if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a valid Social Security number (see exception when married filing jointly) and your adjusted gross income (AGI) on their tax return does not exceed:
- $150,000 if married and filing a joint return or if filing as a qualifying widow or widower
- $112,500 if filing as head of household or
- $75,000 for eligible individuals using any other filing statuses, such as single filers and married people filing separate returns.
Payments will be phased out – or reduced -- above those AGI amounts. This means taxpayers will not receive a third payment if their AGI exceeds:
- $160,000 if married and filing a joint return or if filing as a qualifying widow or widower
- $120,000 if filing as head of household or
- $80,000 for eligible individuals using other filing statuses, such as single filers and married people filing separate returns.
For example, a single person with no dependents and an AGI of $77,500 will normally get a $700 payment (half the full amount). A married couple with two dependents and an AGI of $155,000 will generally get a payment of $2,800 (again, half the full amount). Filers with incomes of at least $80,000 (single and married filing separately), $120,000 (head of household) and $160,000 (married filing joint and surviving spouse) will get no payment based on the law.
For more information, please visit www.irs.gov.
Need Help Finding Your Account or Routing Number?
You can find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number.
If you don’t have a check handy, you can find the account and routing number on your statements or in online banking.
Protect Yourself from Fraud and Scams
Scammers are already trying to take advantage of COVID-19 to steal your money or personal information. Be aware, they may:
- Ask you to sign over your economic impact payment check to them.
- Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up your economic impact payment.
- Suggest you can get a tax refund or economic impact payment faster by working on your behalf. This scam could be conducted by social media or even in person.
Tools to Help You Manage Your Money
- Check balances, pay bills, transfer money and more.
- Mobile deposit: Take a quick photo of a check to make a deposit in our app.
Receiving a Direct Deposit
What is a direct deposit?
Direct deposit is an easy way to have money deposited directly into your checking or savings account without waiting for a check to arrive in the mail.
Simply provide the IRS your account and routing number by filing a tax return or using the web-based portal. The money will move directly into your account once it is sent.
Need help finding your account or routing number?
Copper State Credit Union’s Routing Number is: 322172849.
You can typically find your account and routing number on the bottom left-hand corner of a personal check. The routing number is the first set of numbers and is typically nine digits. The next set of numbers — just to the right of the routing number — is your account number.
If you don’t have a check handy, you can find your account number within online banking.
What if I need to update the account information I provided when I filed taxes?
Please visit irs.gov/coronavirus for guidance on how to set up or change your direct deposit information.
How do I know the payment arrived?
You will get a paper notice in the mail from the IRS no later than a few weeks after your payment has been sent. The notice will contain information about where the payment was sent (either the mailing address for a paper check or the bank account number for a direct deposit) and in what form it was made. If you cannot locate the payment and have not received a paper notice, then check the web-based portal for the status of your payment as it may still be processing.
You can also check to see if the money has arrived by signing into online or mobile banking and checking your transaction history.
Don’t have online or mobile banking? Enroll today to get started!
I don’t have mobile banking, how do I sign-up?
Copper State Credit Union makes signing up for mobile banking fast and easy. Just follow these steps to get started.
- Download the Copper State Credit Union app from the App Store or Google Play
- Answer a few questions and input a one-time security code to verify your identity
- Create a username and password
- Accept the terms and conditions
I want a direct deposit instead of a check but I am not a member. How do I open an account?
Receiving a Paper Check
I want a paper check, how do I update my address so that the IRS can send my check to the correct address?
You’ll need to visit the web-based portal once it’s live. Visit irs.gov/coronavirus to learn more.
I don't have access to visit a Copper State Credit Union branch location, how do I deposit a check?
You don't have to go to a Copper State Credit Union branch to deposit most checks. Make a deposit remotely using our mobile banking app and the mobile deposit feature.
- Download or open the Copper State Credit Union app from the App Store or Google Play
- Navigate to “Deposit Checks."
- Sign the back of the check and write “FOR MOBILE DEPOSIT ONLY, Copper State Credit Union” prior to capturing your check image.
- Take photos of the front and back of the check with your smartphone — just select the Front of Check and Back of Check buttons.
- Select the account to receive the deposit, enter the amount and tap Continue.
- After confirming the details, tap Deposit.
All Copper State Credit Union ATMS accept deposits.
Does Copper State Credit Union charge a fee to cash my economic impact check?
No, Copper State Credit Union is waiving all check-cashing fees for economic impact payments.
If you think you are going to receive a paper check, you’ll need to visit the web-based portal to learn how to update the IRS with your direct deposit information. Visit irs.gov/coronavirus to learn more.