News & Tech Tips

Economic Impact Payments Sent on Prepaid Debit Cards

As more Economic Impact Payments continue to be sent out, the IRS has notified taxpayers that some payments are being sent by prepaid debit card instead of a paper check.
The debit cards arrive in a plain envelope from “Money Network Cardholder Services.” Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card. If you have not received your payment yet, be on the lookout and make sure not to mistake this for junk mail.
The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.
Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees:
  • Make purchases online and at any retail location where Visa is accepted
  • Get cash from in-network ATMs
  • Transfer funds to their personal bank account
  • Check their card balance online, by mobile app or by phone
This free, prepaid card also provides consumer protections available to traditional bank account owners, including protection against fraud, loss and other errors.
More information can be found on the IRS website here.
 
Our team will continue to monitor this for further developments and will update you with any added information. Feel free to contact your Whalen advisor with any questions.

IRS Launches “Get My Payment” Tool

You’ve heard all the recent buzz regarding Economic Impact Payments, but are you still wondering when you are going to receive yours?

The IRS has launched its “Get My Payment” tool, which allows taxpayers to check the status of their Economic Impact Payment.

The tool provides information about a taxpayer’s payment status, payment type, and whether the IRS needs more information, such as a bank account and routing number.

To use the tool, taxpayers will need to enter their name, Social Security number, date of birth, and address. If a bank account is not on file, the taxpayer can enter that information after verifying the AGI and refund amount (or amount owed) on his or her most recently filed tax return.

The “Get My Payment” tool can be accessed on the IRS website.

 

Individuals who are not required to file a 2018 or 2019 tax return can also enter their payment information on the IRS website.

Not sure if you are eligible for an Economic Impact Payment? Check out the eligibility requirements here.

As always, feel free to reach out to your Whalen advisor with any questions regarding these payments or anything else.
SOURCES: Thomson Reuters, IRS.gov