What you need to know on stimulus payments
Update 3/12/21: Current started receiving and crediting stimulus payments as of 11 am. ET on March 12. We will be crediting all member accounts immediately, making all funds fully available as we receive the payments.
March 11, 2021 - President Biden has signed the $1.9 trillion stimulus bill, which has a lot included so here's a breakdown of some of the basics. The bill includes direct payments of up $1,400 for individuals making $80,000 or less, heads of households earning $120,000 or less and married couples with a combined income under $160,000. These will be based on the most recent tax return the IRS has on file for you (either 2020 or 2019). You’ll also receive up to $1,400 for any dependents you claimed on your most recent tax return.
In addition, the bill extends an extra $300 in federal unemployment benefits through early September.
Current is again committing to crediting all stimulus payments immediately for all our members, which we also did in both April and December last year. Our members can again expect to receive their payments up to five days faster than with a traditional bank. You can also expect to receive any unemployment benefits up to two days faster.
The IRS will be sending all payments to the account they have on file for you. If you need to update it, you should file your 2020 tax returns with your updated info (using your Current account and routing number) as soon as possible as they would need to be processed before stimulus payments are issued. You'll get your tax refund up to five days faster on Current.
Here’s some basic info you should know:
- $1,400 direct payments to individuals earning less than $75,000 per year; heads of households making under $112,500 per year or married couples (who file taxes jointly) making less than $150,000.
- Any individual earning over $80,000, heads of households making over $120,000 or married couples earning over $160,000 will not receive any direct payments
- These incomes are based on the most recent tax return the IRS has on file for you (either 2020 if you have filed already this year or your 2019 return if you have not)
- If you qualify for a payment, you will receive an additional $1,400 for any household dependents you have (including dependents over 16 this time, and older adult relatives and people of any age with disabilities this time)
- If you qualify for the $1,400 payment based on your 2020 taxes but you have not filed them yet (or the IRS has not processed them) and the IRS uses your 2019 return to determine your eligibility, don’t forget about it. You can claim the difference next year on your 2021 tax return.
- If you qualify for a payment this round (please note, just because you received a stimulus payment last year, it does not automatically qualify you for this one) and you received your last stimulus payment on Current, you will receive this payment automatically on Current (unless you used a different bank account on your 2020 tax returns), which can be up to five days faster than traditional banks
- All payments will be sent to the bank accounts the IRS has on file (either from your 2020 or 2019 tax returns). The only way to update your payment information to your Current account with the IRS is to file your 2020 tax returns using your Current account and routing number before stimulus payments begin to process.
- If the IRS does not have an account on file for you, paper checks will be issued to the address on file
- Please note if you are missing any previous stimulus payments from 2020 for which you were eligible (based on your 2019 tax returns), you claim them on your 2020 tax return (if you have not yet filed) to now receive your funds
- If you’re eligible for a stimulus payment this time and do NOT receive your funds, you can claim then on your tax returns next year
- The $300 per week in federal unemployment benefits is extended until early September
- If you need to file for unemployment, use your Current account and routing numbers on your forms and you can receive your payments up to two days faster than traditional banks
Not yet a Current member? Download our app and sign up in just two minutes to get faster stimulus payments, unemployment benefits or paychecks with direct deposit.
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.
Are Annual Fees on Credit Cards Worth It? An In-depth Analysis
Credit card annual fees are a contentious point for many... ...
Weighing the Pros and Cons: Are Student Credit Cards a Good Choice?
Weighing the Pros and Cons: Are Student Credit Cards a Good Choice? Student credit cards are a great option for those currently enrolled in school that are looking for spending flexibility and also potentially earn rewards. However, as a student, you’re not restricted to only having student credit cards while you’re in school. When I was enrolled in school, I never had a student credit card as I had other consumer credit cards that better suited my needs. But if you’re just starting your cre ...