How do you know if you get a Coronavirus stimulus payment?
Update 4/15/20: The new IRS web portal to submit your banking information to receive your economic impact stimulus payment via direct deposit is now live. If you are not required to file taxes, you can enter your Current account and routing number, to receive your payment via direct deposit to Current and receive it up to two days faster than a traditional bank.
If you file taxes but the IRS does not have direct deposit information on file for you, you can enter your Current account and routing number to receive your payment via direct deposit to Current and receive it up to two days faster.
All account and routing numbers are accessible by tapping into the balance on the home screen of your Current app.
Please note we are crediting ALL member accounts immediately with stimulus payments as soon as we receive the information from the Federal Reserve. If you have not received yours yet, it is because we have not received it. For questions about your eligibility and when your payment was sent, please contact the IRS.
Update 4/10/20: We have received the first government stimulus payments and are crediting ALL transactions to ALL of our members immediately, starting today, which means you can receive your money up to five days faster than with a traditional bank. We will continue to credit all accounts with stimulus transactions immediately as soon as we receive them over the coming weeks and months, so please continue to check your account balance in the app and know if you have not yet been credited, it is because we have not yet received your payment from the federal government.
In addition, the IRS has released a web portal for anyone who is not required to file a 2019 tax return, so you can enter your Current account and routing number to receive your stimulus payment via direct deposit to Current and receive it up to two days faster.
Update 4/9/20: The IRS is expected to start distributing the stimulus checks via direct deposit as early as the week of April 13 with the first group of people receiving them those who have filed their tax returns and have direct deposit information already on file with the IRS. If the IRS has your Current account on file for direct deposit, they will send the information directly to us and there is nothing for you to do. We will credit your account as soon as we receive it, which can be up to two days faster than a traditional bank.
The IRS is also urging anyone who has not yet filed their 2019 tax returns to do so online as soon as possible with your direct deposit information so you can receive your stimulus check via direct deposit to the same account. If you file your tax returns now, be sure to use your Current account and routing numbers for your direct deposit information, which you can find by tapping into your balance on the home screen of the app. You'll then be able to receive both your tax refund and stimulus payment up two days faster via direct deposit to Current.
The web-based portal for updating your direct deposit information with the IRS is not yet live. We will post updates when it is. To receive your stimulus check as quickly as possible we recommend filing your tax returns now with your Current account information.
April 3, 2020: Since the federal government announced stimulus payments for millions of Americans and small businesses there have been several updates and we wanted to break them down for you to help clarify if you're qualified for a stimulus payment and what to do if you've already filed your taxes but want to update your payment to go to your Current account so you can receive it up to two days faster.
How do I know if I'm eligible to receive a stimulus payment?
The IRS announced that the amounts of the stimulus payments will be based on the adjusted gross income of your most recent tax return as follows:
-To receive the full amount: Individuals with an adjusted gross income of $75,000 or less or married couples filing jointly with an income of $150,000 or less will receive the full payment of $1,200 ($2,400 total for a married couple). In addition, qualified individuals can receive an additional $500 per child.
-To receive any payment: Those individuals or married couples with adjusted gross incomes over $75,000 and $150,000 (but below $99,000 or $198,000, respectively) will still receive payments but the payment amounts will be reduced by $5 for each $100 over the $75,000 or $150,000 income thresholds. (ie: If you made $75,100, you'd potentially receive $1,195, although all payment confirmations should be made directly with the IRS).
-You will not receive a payment if: You're an individual with an adjusted gross income over $99,000 or are a couple filing jointly without children with an adjusted gross income over $198,000.
What if I have already filed my taxes, can I update my information so I can receive my payment faster to my Current account?
YES you can according to the IRS! If the IRS already has your Current account and routing number from your tax return to send your payment, then you're all set and there's nothing for you to do. They will handle all calculations and send your payment via direct deposit to Current. We will credit your account as soon as we receive the information from the Federal Reserve, which can be up to two days faster than a traditional bank (just as we would with your regular paycheck) with a Current premium account.
If you need to update your direct deposit information with the IRS, the Treasury will be setting up a web-based portal for you to make changes (or add any bank account if you do not have one currently added). You will need your Current account and routing number, which can be found by tapping into your balance on the home screen of your Current app, and can then receive your payment up to two days faster.
If you have already filed your federal taxes for 2019, it will be based on your 2019 return. If you have not yet filed your federal taxes, the payment determination will be based on your 2018 gross adjusted income. You CAN still file your 2019 tax returns now through July 15, however, stimulus payments are scheduled to begin distribution in the next three weeks, according to the latest information from the IRS.
Don't have a bank account or want to update your direct deposit information to receive your payment faster with Current? Download the Current app on the App Store or Google Play and sign up for an account in just two minutes.
*Please note, this is meant to be a guide and all questions regarding exact timing, amounts and qualifications of stimulus payments should be directed to the IRS. In addition, for your security, please do not provide your private Current account numbers to anyone other than the IRS. All funds with Current are FDIC insured up to $250,000.
Banking services provided by Choice Financial Group, Member FDIC. The Current Visa Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
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