What people really want to know about
Economic Impact Payments

COVID Tax Tip 2020-54

IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments.

Is this payment considered taxable income?

No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs.

Can people who receive a Form SSA-1099 or RRB-1099 use Get My Payment to check their payment status?

Yes, they will be able to use Get My Payment to check the status of their payment after verifying their identity by answering the required security questions.

If someone’s bank account information has changed since they filed their last tax return, can they update it using Get My Payment?

To help protect against potential fraud, the tool also does not allow people to change direct deposit bank account information already on file with the IRS.

If the IRS issues a direct deposit based on the account information that the taxpayer provided on their tax return and the bank information is now invalid or the account has been closed, the bank will reject the deposit. The agency will then mail payment as soon as possible to the address they have on file. Get My Payment will be updated to reflect the date a payment will be mailed. It will take up to 14 days to receive the payment, standard mailing time.

Where can people get more information?

Taxpayers who are required to file a tax return, can go to IRS Free File to file electronically. If they aren’t required to file, they should go to the Non-Filers: Enter Payment Info Here tool and submit their information to receive an Economic Impact Payment.

 For the complete lists of FAQs, visit the Economic Impact Payment and the Get My Payment tool pages on IRS.gov. The IRS updates these FAQs regularly.

The IRS encourages people to share this information with family and friends.

Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $66,000 or less, persons with disabilities, and limited English speaking taxpayers who need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals. VITA sites are generally located at community and neighborhood centers, libraries, schools, and can even be located in your agency’s/organization’s office.

Volunteer Training

Becoming a VITA volunteer
VITA training will be hosted during the month of January. If you are interested in becoming a VITA volunteer, please contact Rebecca Weaver at rebecca@uwbb.org, during the month of December to register for online or in-person certification.

Thank You to Our Sponsors

Get Tax Help

Want to have your taxes prepared at a VITA site? 

Take part in the VITA program by getting your taxes prepared at no-cost to you, by one of our IRS certified volunteers. Information on the 2019 tax season VITA site locations are available now! Click on the Site Locations link, for more information on times and dates.

Volunteer

Want to volunteer with UWBB VITA?

Do you have a love for numbers? Do you enjoy helping others? Have you always wanted to be able to prepare your own taxes but thought it was too difficult? Become a VITA volunteer and see how easy it can be!! VITA is currently looking for individuals to serve as VITA volunteers for the 2019 tax season. You will receive training by an IRS certified agent and be equipped with all the know-how you need to confidently prepare taxes for your fellow community residents. Scheduling is flexible so you can volunteer during a time that works best for you! Please contact the UWBB Director of Impact Strategies, Rebecca Weaver at Rebecca@uwbb.org for further information.

Reality Store

What is the Reality Store?

Reality Store is a financial simulation where students are assigned careers and make decisions about their budget and lifestyles. The event is a fun and effective way for teens to learn about personal financial responsibility and life choices. The Reality Store gives students a pretend salary, checkbook and an opportunity to live like an adult. It helps teenagers understand real world expenses that they will encounter as an adult. The Reality Store help students understand the value of making good choices, the importance of a college education, and how hard it is for low income families to make ends meet.

What is the objective?

The objective is to provide for all the necessities of life, to have a little fun and to have some money left at the end of the day. To complicate matters, students are randomly selected for unexpected life events. These can be anything from getting audited for a tax return, being arrested for failure to pay child support, having an unexpected medical emergency to a flat tire. The experience is an eye opener for many students who are shocked at how fast it all adds up. The goals of the Reality Store program are to help all students learn basic skills in financial planning, goal setting, decision making and career planning as well as clarify the need for young women and men to examine their attitudes about their futures and their career expectations.

For further information on Reality Store or to schedule the Reality Store come to you school or event, please email our Director of Impact Strategies at rebecca@uwbb.org

Poverty Simulation

Poverty is a reality for many individuals and families. But unless you’ve experienced poverty, it’s difficult to truly understand. The Poverty Simulation bridges that gap from misconception to understanding. Poverty Simulation is an interactive immersion experience; it sensitizes community participants to the realities of poverty.

During the simulation, participants role-play a month in poverty and experience low-income families’ lives. After the simulation, participants have the opportunity to unpack what they learned and brainstorm community change. The Poverty Simulation exists to promote poverty awareness, increase understanding and inspire local change. Together, we can be a voice to end poverty among our family, friends and throughout our community.