Economic Impact Payments
In response to the Coronavirus (COVID-19) pandemic, the IRS states it will start sending payments to most Americans in Apil. This program allows certain U.S. residents, based on income categories determined by the Internal Revenue Service (IRS), the ability to receive up to $1,200 for individual or head of household filers, and $2,400 for joint filers, as well as $500 for qualified dependents. The IRS and U.S. Department of Treasury have stated it may take several weeks to issue payments to all qualified individuals and families.
Economic Impact Payments will be issued as direct deposits for those with bank account information on file with the IRS, or by check for those that do not have bank account information on file.
How to Set Up Direct Deposit for Your Economic Impact Payment
The IRS has developed a web-based portal that will allow you to provide your routing and account number to the IRS. To update your bank account information and check the status of your payment click on the IRS link below “Get My Payment”. You may need your 2019 tax return if you’ve filed, as well as your 2018 return.
If the IRS has your direct deposit information, you’ll see a page giving you the status of your payment. If it doesn’t and you are eligible for a check, you can enter your routing number and account number to have the government send your check to your bank account.
Finding Your Account and Routing Number
Wood & Huston Bank’s routing number is 101901833. You can also find this at the bottom of your checks, along with your account number.
How to Deposit Your Economic Impact Check
If you have provided the IRS with your account and routing number, no additional action is necessary, the payment will be automatically deposited into your bank account. If you receive a check by mail, it can be deposited through:
- Your Wood & Huston Bank Mobile App using Mobile Deposit
- Your Live Video Teller
- Your local drive-thru
Please Be Aware of Potential Scams
Please Be Aware of Potential Scams - The IRS urges taxpayers to be on the lookout for scam artist trying to use the economic payments to cover schemes to steal personal information and money. Remember, the IRS will not call, text, email or contact you on social media asking for personal or bank account information - even related to the Economic Impact Payments. Also, watch out for email with attachments on links claiming to have special information about Economic Impact Payments or refunds.
Additional information regarding payments may be found on the IRS website.