![]() ![]() RELATED: 6 Things to Do After You Lose Your Job If this statistic includes you, we understand this time may be full of worry and doubt, and we’re here to help you through it. The unemployment rate increased from 3.5% in February to 10.5% in March. If you’re unemployed: The current reality for many Americans is unemployment. ![]() Of course, the only expert on your personal finances is you, but we’re here to help you be ready to make the right choice for your situation. You’re free to decide what to do with your stimulus payment. RELATED: Learn how to safeguard your information in our Cyber Security Hub How should I use my stimulus payment? Those who don’t file taxes can enter their information at the IRS website to make sure your check gets to you safely. For most people, no action is required and the check will automatically arrive without you having to do anything. Never give out your private information over email or to callers from unconfirmed phone numbers. You might get emails or callers asking you to “verify” your bank or tax information in order to receive your check properly. It’s also important to be aware of potential fraud targeting coronavirus stimulus checks. The IRS will reach out within two weeks of the deposit with information about the check, including information on how to report a problem if something didn’t process correctly. Of course, if you’re a Citizens Bank customer, you can always use our mobile banking app to deposit your check from home or verify it was direct deposited properly. All other payments are by paper checks and will be delivered via mail, and may come in a little slower. If you’ve set up direct deposit, then the payout will be deposited beginning April 15. You’ll get your check the same way you get your tax refunds. ![]() Dependents will not receive a payment, but eligible recipients will get an extra $500 child tax credit for each dependent under age 16. In general, if you’re retired and receiving Social Security, you’ll get a payment. If you don’t file your taxes for some reason, it’s best to refer to the IRS website for information on your specific circumstance. If you have questions about how this was calculated, refer to this resource from the IRS. ![]() Calculating how much you should receive is a little complicated, but this helpful calculator from TurboTax ® can save you from having to do the math. Your eligibility is based on your income you reported when filing your taxes. Am I eligible?īefore we get into how you could use the stimulus payment, let’s dive into some details about eligibility. Who gets a stimulus check, and how should it be used? Everyone’s situation is a little different, but we have some general advice that can help you take advantage of this unique circumstance. The intent of the payments is to assist tax-paying Americans who could use a little boost during this trying time. The stimulus checks - officially called Economic Impact Payments - are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed on March 27. The COVID-19 pandemic is disrupting the economy as individuals are encouraged to stay home and away from local businesses, leaving many Americans out of a job. The stimulus checks are also meant to stimulate the economy by supporting local businesses.įederal stimulus checks are coming from the United States treasury department, and you may find yourself with extra money in your bank account and wondering what to do with it - or maybe even what it is or why it’s there.Strengthening your savings or paying off debt can help protect you from future crises.Basic essentials should be the first consideration when you get your stimulus check. ![]()
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