Economic Impact Payments
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, eligible individuals and families will receive by direct deposit or mail Economic Impact Payments of up to $1,200 (for single filers) and $2,400 (for married couples filing jointly) plus an additional $500 for each dependent child under age 17. No action is required by most eligible recipients. Many may have received payments by direct deposit already.
You must act by November 21, 2020 to get your Economic Impact Payment (stimulus payment) this year.
If you received your Economic Impact Payment (stimulus payment) in paper form and do NOT have a bank or credit union account, you can avoid check cashing fees by opening an account
. Note that some banks are temporarily offering to cash stimulus checks for free for non-account holders. Please check with your local bank or credit union to learn if this is available.
NYC Financial Empowerment Centers
You can get free financial counseling by phone. Visit nyc.gov/TalkMoney
to book an appointment. Work with your counselor to open a bank account so you can set up direct deposit; navigate the IRS Get My Payment tool; manage sudden changes to your household budget or income; contact creditors, and more.
NYC Free Tax Prep
If you are not required to file taxes, NYC Free Tax Prep preparers can guide you on how to make sure you get your stimulus payment. To be eligible, you must earn less than $64,000 (families) or $45,000 (single filer). Visit nyc.gov/taxprep
to learn more.
The IRS won’t issue you a bogus check, in an odd amount, then tell you to call a number or verify information online in order to cash it. Watch out for that common scam tactic and others. Visit IRS.gov/coronavirus
. Click Tax Scams/Consumer Alerts.