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January 25, 2021 Update
The IRS will reissue 5.2 million Economic Impact Payments beginning this week; 2.8 million of those payments will be distributed by ACH Direct Deposit and the remaining sent by check. Prior payments sent in error by the IRS to accounts at tax preparers, have prompted the reissuance of these payments as they were subsequently returned at the specific instruction of the IRS.
Additionally, the IRS Get My Payment portal will be update to reflect these reissued payments and is slated to be available on Jan. 29. Once these payments are complete, no additional Economic Impact Payments will be sent in this round. Instead, the Recovery Rebate claimed on a 2020 tax return will be the only option.
December 23, 2020
On December 22, 2020, Congressional leaders agreed on a $900 billion COVID-19 economic relief package, which is expected to include a $600 direct stimulus payment to eligible recipients. We will continue to provide updates as they become available. For additional information, please visit www.irs.gov.
If you expect to receive an economic impact payment via direct deposit into your Coosa Valley Credit Union account, please note that we post all ACH items by the Settlement Date assigned by the sender of the item. If you receive account alerts through online banking, this date will be on the alert. Most ACH items are posted by noon or earlier. The best way to tell when you have a payment coming is to utilize Online Banking, Audio Response, and account alerts.
What do I need to do to get my stimulus payment?
No action is required from most people, including those who electronically file tax returns or receive Social Security payments. Stimulus payments are being automatically posted to member accounts as we receive them from the Internal Revenue Service (IRS).
How should I expect to receive my payment?
- If you have already filed your taxes this year, the IRS will automatically deposit your payment into the bank account provided on your 2019 return.
- If you have not yet filed your 2019 return, the IRS will use the information provided on your 2018 return.
- If you did not file in 2018 or 2019, you still have time to file through IRS.gov. If you do not typically file a tax return, you can submit your information by visiting the non-filers webpage provided by the IRS.
- If you typically receive your tax refund by mail, the IRS will mail your stimulus check to the address provided on your return.
- Social Security and Railroad Retirement recipients who are not typically required to file a tax return do not need to take action. The IRS will use information on the Form SSA-1099 to issue Economic Impact Payments.
How do I submit my direct deposit information to the IRS or check the status of my payment?
To update your account information, check your payment status or submit a new mailing address, visit the IRS Economic Impact Payments page.
Why have I not received my stimulus payment?
Unfortunately, CVCU does not have any information regarding missing payments, as we simply process the payments provided to us by the IRS. Please note that these payments are being sent by the IRS in batches over the coming weeks, and not all members will receive their funds at the same time.
How much will my payment be?
CVCU does not determine the amount received by eligible recipients. This amount is decided by the IRS. Please visit their information center for current information and to use their eligibility calculator.
When will the IRS begin sending payments to eligible recipients?
Payments could be distributed as early as January, but please visit www.irs.gov for updates. Checks can be verified at tcva.fiscal.treasury.gov.