Economic Impact Payments
We want to share information about an economic impact payment you may be qualified for through the recently passed coronavirus relief bill. Within this bill, eligible individual(s) with adjusted gross income on their 2019 tax returns of up to $75,000 will receive a one-time payment of $600. Married couples (or someone whose spouse died in 2020) earning up to $150,000 a year will receive $1,200. Families who meet those income requirements also will receive $600 for each qualifying child under 17. People who filed taxes in 2019 using the “head of household” status and earning up to $112,500 will receive the $600 payment, plus the additional amount for children. Payments begin to be reduced as individual adjusted gross income exceeds the levels stated above, with payments going to $0 when income reaches $87,000 for individuals and $174,000 for married couples.
If you qualify for a payment, you will receive your payment in one of two ways:
- If your financial account is on file with the IRS, your impact payment will be deposited directly into your account. The IRS will use the account information from your 2019 tax return filings.
- If you do not have a financial account on file with the IRS, your payment will be mailed to you via a paper check at the address the IRS has on file. You can easily deposit your check using Mobile Check Deposit on the Midcoast Mobile App.
While the exact date payments will be distributed is unknown at this time, we expect the Treasury Department to begin distributing payments this week. Please note, these payments may be sent in waves and not everyone will receive payments at the same time. We also want to remind you that the IRS will not contact you for your personal information in order to provide a payment. Be alert to fraud, and please do not share your confidential account details with anyone who contacts you by email or over the phone.
