While the majority of Americans who received an Economic Impact Payment received it via direct deposit, there are around 4 million people who are still waiting and have questions. To help minimize confusion and clear up questions you may have, our accounting firm in Raleigh is working to bring you up to date information.
Economic Impact Payments in Plain Envelopes
While some people will still be receiving their Economic Impact Payment via paper check, many will also be receiving it via a pre-paid debit card. If you are receiving the card, it will arrive in a plain envelope, and it’s important to be on the lookout for it. We understand that many people throw away envelopes that look like junk mail so be sure to double check your mail as it arrives. Your Economic Impact Payment pre-paid card will be in an an envelope from “Money Network Cardholder Services.”
Using Your Pre-Paid Payment Card
Your pre-paid debit card works like almost every other debit card and offers you more convenience and protection than a traditional check does. You can do any of these actions without fees:
- Purchase items online and in stores where Visa is accepted
- Get cash from in-network ATMs
- Transfer funds from your card to your personal bank account
- Check the balance of your card online, through the mobile app, or over the phone.
The EIP card is sponsored by the Bureau of the Fiscal Service and has information about activation and how to check your balance at eipcard.com.
Checking the Status of Your Payment
If you lose the card, it is stolen, or there are other problems, you need to call 800-240-8100 immediately and select the “Lost/Stolen” option to deactivate your card and have a new one issued.
If you haven’t received your Economic Impact Payment, yet, you can visit the IRS website and find out your payment status and how you will receive your payment. While you aren’t able to choose your payment method, whether it’s via check or card, you will have a better idea what to look for.
The Impact Payment Will Not Affect Your 2020 Tax Return
We also wanted to take this opportunity to reassure you that the stimulus money is not considered an income. This means you won’t owe any taxes nor will it affect your 2020 tax return.
If you do have additional questions or are concerned about scams related to Economic Impact Payments or business taxes related to COVID-19, we can help. Reach out to our CPAs in Raleigh today to schedule a consultation via phone or video conference by calling us at (919) 872-0866 or filling out our contact form.