Calculating Your Anticipated Economic Impact Payment
The US government has organized an economic impact payment to help those affected by the coronavirus pandemic. As we're always looking for ways to put our members in a better financial position, we wanted to share these six tips from the National Credit Union Foundation for members to consider when receiving these funds:
- Prioritize: Focus on the bills that keep a roof over your head, the lights on and food on the table. Check with your local jurisdiction as many utilities and communications providers are working with consumers to waive fees, keep the power on and your internet connection working.
- Talk: With your credit union and other lenders. Many are offering low rate loans, skip-a-pay, loan modifications and other sources of help so you can use your payment for what you need now. Information about specific FCCU resources can be found here.
- Save some of it: If you set aside even $100-200, that can provide a cushion for bills that are coming in a couple of weeks. America Saves has solid resources and information to help with access to food and unemployment benefits.
- Don’t hoard cash: Keep it in your credit union. It’s safest there. FCCU is insured by the National Credit Union Administration (NCUA) — an independent United States government agency dedicated to protecting credit unions and our members. Read more about it here.
- Protect: There are lots of bad guys out there trying to use this crisis to get at your check and your money. Watch out for suspicious emails, texts or phone calls. Here’s a great article that can help you keep an eye out for these threats. FCCU frequently posts videos about the latest security threats and how to protect yourself. Follow FCCU on Facebook or YouTube to keep up-to-date on these and other topics.
- Pay your taxes: The deadline for filing and paying income taxes has been extended to July 15th. If you haven’t saved to pay your income taxes, you may want to consider using the economic impact payment to pay your taxes.
Calculate Your Economic Impact Payment
FCCU Partners with Banzai to offer Financial Literacy information to members and our community. Check out this Stimulus Check Calculator provided by Banzai!
How it Works
Economic Impact Payments in the form of stimulus checks will provide much needed support to Americans in the midst of the Covid-19 pandemic. This calculator will show you how much you can expect to receive, if anything, in your stimulus check. To use the calculator, enter information from your most recent tax filing. Deductions and additions to the standard amount are made based on income level and dependents under 17. For more information, go to IRS.gov.
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