Millions of payments were sent as prepaid cards and many people say that the letters and cards look like a scam.
Did you get a letter and debit card labeled “Economic Impact Payment”? Do not throw it away. If you do, you will be wasting money. At least $ 600, depending on your situation.
The Treasury Department and the Internal Revenue Service sent millions of second-round stimulus payments as prepaid debit cards. However, many people say that the letters and cards look like a scam.
This is how the Economic Impact Payment (EIP) card is supposed to work.
The EIP card arrives in the mail in a white envelope bearing the seal of the US Department of the Treasury, and the note “This is not a bill or an advertisement. Important information about your Economic Impact Payment.” Along with the card are instructions on how to activate and use it.
Money from prepaid debit cards issued by the Treasury’s financial agent, MetaBank, can be transferred to your bank account or you can get cash at an ATM. (Fees may be charged for using an ATM.) The cards can also be used to make purchases online or at retail stores that accept Visa debit cards.
The IRS says that the EIP card is secure and can be replaced if necessary.
The amount of the card will vary depending on your household. People can expect $ 600. If you are married filing a joint return for 2020, expect $ 1,200 plus $ 600 for each qualifying child you had in 2020.
There are income limits on who is eligible. The IRS says that your adjusted gross income cannot exceed $ 150,000 if you are married filing jointly, or filing as a qualified widower or widower; $ 112,500 if you file as head of household; or $ 75,000 for eligible individuals using any other filing status.
Not everyone receives a card. Some people had the stimulus money deposited directly into their bank account or received a paper check. The IRS says it doesn’t determine who gets a paper check or debit card, so you could get either one.
If you are still waiting for a stimulus payment, go to Get My Payment on the IRS.Gov site. The Get My Payment online tool can tell you if and how a payment was sent (direct deposit or mail).
If you don’t receive a stimulus payment, you can claim it as a credit on your 2020 tax return.