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What is an EIP card and why could you get one instead of a stimulus check?

The IRS has 3 ways to distribute stimulus cash to you.


Angela Lang/PJDM

What’s an EIP card, and what does it should do together with your second stimulus check? How are you aware when you’ll get one, and is there any approach to get your next stimulus payment a special method, assuming a new coronavirus relief bill passes?

These are all good questions we’ll reply right here, and extra. An Economic Impact Payment card was despatched as a stimulus payment to about four million People somewhat than a bodily verify or direct deposit. If a second round is approved by Congress, it is possible that the IRS will make a number of million funds to eligible Americans utilizing the identical methodology.

To estimate how much money you could get, check out our stimulus check calculator, and this is what to do if you’re missing your first stimulus check. This story updates typically.

What’s an EIP card anyway?

eip-prepaid-debit-card-stimulus-check

About four million folks acquired their stimulus fee by a pay as you go debit card known as an EIP card, which appears like this. 


Cash Community; screenshot by Jessica Dolcourt/PJDM

An EIP card is a pay as you go debit card that the Treasury Division has used to distribute some stimulus funds underneath the CARES Act, as a substitute of an digital financial switch or paper checks. The playing cards have been supplied to some eligible US residents for whom the federal government did not have banking info. 

These Visa debit playing cards can be utilized to make purchases, get money from in-network ATMs and switch funds to your private checking account and not using a payment. 

In the event you’re despatched one, after the cardboard arrives, you’d head to the EIP card website to activate it and be taught extra about how you can use it. 

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Why did some folks get stimulus cash on an EIP card?

Those that have been eligible acquired the primary stimulus fee by EIP card as a substitute of by verify in the event that they filed their taxes however the IRS did not have their checking account info available, and if the tax return was processed by IRS service facilities in both Andover, Massachusetts, or Austin, Texas, in response to a Treasury press release. It is not clear what the importance is of these explicit service facilities, however we have requested the Treasury for extra info.   

If a second stimulus invoice does get permitted, you might get your payment the same way you probably did the primary time round — so when you acquired an EIP card, you may in all probability get one other one. It could be that in case you have new banking info to supply, you could possibly obtain your verify a special method. 

How a lot stimulus cash would come on the cardboard? 

Getting your fee by an EIP card will not change something about that calculation or the quantity you could possibly get — simply the format of the fee.

As soon as a final bill is passed, the sum of money you’d get in a second stimulus fee (whether or not it comes within the type of direct deposit, mailed verify or EIP card) depends on your AGI, or adjusted gross income, out of your tax filings, alongside together with your submitting standing (single versus joint) and what number of dependents you’ve. The utmost quantity a single taxpayer might get is $1,200. 

Discover out how to calculate how much you could get on a second stimulus payment here. You too can discover out who counts as a dependent on your taxes and what that means for a stimulus payment. This is how old a dependent has to be to get a stimulus check of their own and the stimulus verify state of affairs for older adults, folks within the SSDI program, US citizens abroad and folks living in US territories.

How briskly might I get an EIP card if a second stimulus verify is permitted?

If one other coronavirus aid invoice with a second stimulus fee is handed, it might possible take longer to get your EIP card than by direct deposit. When the CARES Act was handed in March, the primary EIP playing cards did not begin going out till mid-Might. Nevertheless it’s potential that it will likely be sooner this time, because the infrastructure is already in place. We simply do not know but. 

As soon as a second stimulus fee is permitted, you can monitor your cash (in no matter kind it is going to take) utilizing the identical IRS device you should utilize to track the status of your stimulus payment. In the event you’re nonetheless ready for the primary verify, this is how to report your missing payment to the IRS and discover potential reasons why your stimulus payment still hasn’t arrived.

How would the EIP card arrive?

In the event you’re eligible, your EIP card will arrive on the tackle listed in your final tax return in an unmarked envelope from “Cash Community Cardholder Companies.” As a result of it wasn’t clearly marked, some folks reportedly threw the letter away with out opening it through the first spherical of stimulus funds.

Cost playing cards are sometimes despatched in plain envelopes to discourage fraud and thieves. It is unclear if the IRS would ship a second fee in an unmarked envelope too. 

What if I favor direct deposit as a substitute of an EIP card?

When you’ve got a checking account, you possibly can attempt signing up for direct deposit with the IRS now by its Get My Payment portal. That method, if one other stimulus package deal is handed and one other fee is issued, the IRS may have your checking account info available. That makes it extra possible you’d get the fee by direct deposit as a substitute of an EIP card. Direct deposit will not be accessible for everybody, however the portal did permit me to enter my financial institution info and join (I acquired my first verify by the mail).

Will the IRS notify me if I am getting an EIP card? 

With the primary stimulus funds, the IRS despatched a letter about your cash to your final recognized tackle inside 15 days after the fee was made. The letter included info on how you bought the cash (verify or direct deposit or EIP card), and how you can report it when you did not obtain the fee. However be careful: There have been a number of stimulus check scams going round. Go to IRS.gov earlier than giving anybody your info to ensure your letter is professional. 

What ought to I do if I misplaced my EIP card or if it is destroyed?

Don’t fret. In the event you’ve misplaced or destroyed your EIP card, you possibly can request a free alternative by MetaBank Customer Service. The alternative payment will likely be waived the primary time. 

You needn’t know your card quantity to request a alternative. Simply name 800-240-8100, and select the second possibility from the primary menu, in response to the IRS website

For extra, discover out when you’re qualified for a second stimulus check and when you can expect a second stimulus payment

#EIP #card #stimulus #verify

Author

Alison DeNisco Rayome