Economic Impact Payments

The Internal Revenue Service announced on Friday, March 12, 2021, that the third round of Economic Impact Payments will begin reaching recipients over the next week. The first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this week and more receiving this coming week.  Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit.

No action is needed by most taxpayers, as the payments will be automatic and in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. You can check the  Get My Payment tool on IRS.gov to see the payment status of the third stimulus payment.

Be aware of scams. As in tax season and with stimulus checks, we often see an increase in fraud and scams. The IRS will never call, text, or email you to verify your account information, or ask for your online banking login credentials or passwords. Do not open any suspicious emails or texts or click any attachments or links.  As always, if you get any communication from Life CU and are unsure about it, please call us directly at 615-230-LIFE (5433) to verify.

Economic Impact Payment FAQs 

• Will I get a payment and how much will it be?
  Visit the IRS website and use the Get My Payment tool for specific information. Your eligibility, the amount you will receive, and where and when your payment will be made is determined by the IRS.
• Where can I check my payment status?
  To find out when and how your 2021 Economic Impact Payment will be sent, use the Get My Payment tool from IRS.gov. For all questions about payments, go to the IRS Payment FAQ page: https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions#payment
• How can I check to see if my payment has posted to my Life CU account? The best way to see if a payment has been deposited into your Life CU account is to use online banking or your Life CU mobile app.
• I received a message from the IRS asking for my personal information. Is this a scam?  Yes! If you receive an unsolicited email, text or social media attempt that appears to be from the IRS or an organization associated with the IRS, like the Department of the Treasury Electronic Federal Tax Payment System, notify the IRS at phishing@irs.gov. You can also learn more about coronavirus-related scams.

Visit the main page of IRS.gov for all questions related to the Economic Impact Payments(stimulus), how to file your taxes, and answers to your tax-related questions. For tips on how to protect yourself from scams, visit the Consumer Financial Protection Bureau at: www.consumerfinance.gov/about-us/blog/guide-covid-19-economic-stimulus-checks/#scam.

Here are direct links to resources that you might find helpful:

• https://www.irs.gov/
• https://www.irs.gov/coronavirus/get-my-payment
• https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments
• https://home.treasury.gov/policy-issues/cares/assistance-for-american-workers-and-families