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Economic Stimulus Payment Guide

FAQs about the Stimulus Payments

Economic Stimulus Payment Guide

Economic Stimulus Payment Guide

FAQs about Stimulus Payments

We’ve heard many questions about the federal government’s Economic Stimulus Payments that are expected to arrive starting mid-April. Your Pennian Bank team worked to break down the most common questions about the economic stimulus payments, including how much you’re eligible for and when you should expect to receive it.

1. Who is eligible?
U.S. residents who are not a dependent of another taxpayer and have a work eligible Social Security number will receive the payment up to $1,200 for individual or head of household filers, and $2,400 for married filing jointly.

2. How much will I receive?
Those who earn up to the following Adjusted Gross Income (AGI) will receive the full amount:

  • $75,000 for individuals
  • $112,500 for head of household filers
  • $150,000 for married couples filing joint returns
  • Individuals with AGI at these levels are also eligible to receive an additional $500 per qualifying child

Taxpayers will receive a reduced payment if their AGI is between:

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • $112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly
  • The amount of the reduced payment will be based upon the taxpayers’ specific adjusted gross income. Payments decrease by $5 for each $100 earned above the 75,000/$112,500/$150,000 thresholds.

3. Will I receive a payment if I don’t make enough income to file a tax return or my income comes solely from a government benefit program?
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits, as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

4. Who is not eligible?
Taxpayers likely won’t qualify if any of the following apply:

  • Your AGI is greater than
    • $99,000 if filing status was single or married filing separately
    • $136,500 for head of household
    • $198,000 if your filing status was married filing jointly
  • You can be claimed as a dependent on someone else’s return. This would include a child, student or older dependent who can be claimed on a parent’s return.
  • You do not have a valid Social Security number.
  • You are a nonresident alien.
  • You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.

5. Do I need to take action?
For those that filed a tax return for 2019 or 2018, no additional action is needed. The IRS will use that information to calculate your amount. If you haven’t completed your tax return for 2019, the IRS will use your 2018 return to determine the amount you should receive. If you provided information for direct deposit, the amount will be deposited into that account. The portal is now live to track the status of your stimulus payment. You can also enter your bank information if you would like direct deposit instead of a physical check. Visit: payments will begin sometime in May and could potentially run through September.

Americans with the lowest income are to receive theirs first.

6. Avoid scams related to Economic Payments.
The IRS will mail out a letter within 15 days after the payment is paid. The letter will provideinformation on how the payment was made and how to report if the payment was not received. If you are unsure if the letter is legitimate, visit first. Remember, your bank or the IRS will never contact you by phone, text, email or social media to ask for personal information such as your SSN, bank account, or credit card information.

7. How will I know if my payment has been direct deposited?
Pennian Bank offers Online & Mobile Banking features, where you can manage your accounts around-the-clock with internet access. One of the features includes the ability to set up alerts when a deposit has been made to your account, which can be sent by text message or through email.

8. We are here for you!
We understand these are unprecedented times and you may be feeling a bit anxious. Please know that we are doing our best to help assist our customers during these uncertain times. Our drive-thrus remains open to service you. For locations and hours click here.

If you have concerns or need banking assistance, please reach out to us at 717-436-2144 or [email protected]

If you aren’t already enrolled in Online Banking, get signed up today.
For Mobile Banking, click here.