Update December 30, 2020 - Stimulus



The stimulus bill passed by Congress is intended to help American families cope with the impact made by the COVID-19 pandemic. In early January, eligible taxpayers will receive an automatic distribution of “economic impact” (aka stimulus) payments of up to $600 per individual or $1,200 for married couples, along with $600 for each qualifying child.

We know you have questions about the stimulus payments, so we’ve compiled answers to the most frequently asked questions below.


Q. Who is eligible for the economic impact payment?

A. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount will be reduced. Single filers with income exceeding $87,000 and $174,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

Eligible taxpayers who filed tax returns for 2019 will automatically receive an economic impact payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.

Q. When will I get my check?

A. The IRS reportedly will start issuing electronic payments through direct deposit on January 4. Those payments are expected to arrive in taxpayers' bank accounts by January 15. This method of payment takes far less time than printing and mailing a paper check. The IRS will use bank account information from your 2019 tax return (used for tax refund payments) or from the Social Security Administration to deposit stimulus payments into your account. They also will utilize direct deposit information previously provided through the web-based portal related to the payments issued earlier this year. If a direct deposit is rejected (e.g., if the bank account information is incorrect), we will attempt to correct the information and post the deposit to your account, if possible. If we are unable to correct the deposit, the IRS will receive a rejection notice. At that point, the payment will be converted to a paper check and mailed to you.

If the IRS doesn't have your bank account information, they will mail you a paper check.

Q. How will the IRS know where to send my payment?

A. The majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

Q. I am not typically required to file a tax return. Can I still receive my payment?

A. Yes. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $600 per person, without the additional amount for any dependents at this time.

You may still be eligible to receive a payment in 2021 if:

  • You did not register online, by mail and did not get a payment in 2020 or,
  • You received a payment, but it wasn’t the full amount of the Economic Impact Payment. The maximum credit is $600, or $1,200 if married filing jointly, plus $600 for each qualifying child.


  • When you file a 2020 Form 1040 or 1040SR you may be eligible for the Recovery Rebate Credit. Save your IRS letter - Notice 1444 Your Economic Impact Payment - with your 2020 tax records. You’ll need the amount of the payment in the letter when you file in 2021.

Q. Where can I get more information?

A. The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
The IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. Check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.


Q. What if the account from my 2019 tax filing used by the IRS has since been closed or my name is no longer on that account?

A. If your payment has already been sent using old, invalid account information, our system will reject the deposit. All rejected deposits will be reviewed to see if they can be deposited into another open Fidelity Bank account in good standing. If we are unable to post the deposit, the IRS will receive a rejection notice, and they will mail you a paper check.