The Internal Revenue Service (IRS) has processed over 159 million Economic Impact Payments (EIP) to help taxpayers affected by the coronavirus outbreak. About four million of those payments will be delivered by prepaid credit card. This feature can be very convenient for some people. But what happens if you misplace or accidentally destroy your EIP prepaid card? Read on to discover the answer.
Follow These Steps If You Misplace Your Prepaid EIP Card
If you receive your Economic Impact Payment by prepaid debit card and you misplace the card, or the card gets stolen, then follow these steps:
- Log in online at EIPCard.com to prevent unauthorized transactions or ATM withdrawals while you look for your card.
- If your card is permanently lost, it’s important to you call customer service at 1.800.240.8100. This way you can report your lost or stolen card immediately.
- For cards with more than one name, only the primary cardholder (listed first on the card) must make the call.
Once you have reported your card, a replacement card will be ordered. The first replacement card is free, and a $7.50 fee will be applied for any subsequent replacements.
What Should I Do If I Accidentally Destroyed or Misplaced my Card?
On the other hand, if you accidentally destroyed or misplaced your card, call the same service number indicated above (1.800.240.8100) and select the “Lost/Stolen” option. The same replacement fees explained above will be applied, with the first replacement card being free of charge,
Remember that you cannot request the IRS to send your Economic Impact Payment by prepaid debit card. If you haven’t received your Economic Impact Payment yet, you can use the online tool Get My Payment of the IRS website to check the current status of your payment.
What Are Economic Impact Payments?
Economic Impact Payments are a measure by the U.S. government to provide financial relief to taxpayers affected by the Coronavirus outbreak. Beneficiaries may receive up to $1,200 for individual taxpayers and $2,400 for couples filing jointly. Additionally, taxpayers may also receive an extra $500 for every qualifying child.
Get More Information About Economic Impact Payments
We have covered Economic Impact Payments extensively to keep you up to date about this important provision. Here are some past posts you may find useful:
- Remember: Economic Impact Payments Belong to the Recipient, not to Nursing Homes
- What to Do if the Amount of Your Economic Impact Payment Is Incorrect?
- The IRS Will Deliver Some Economic Impact Payments by Credit Card
- 3 Reasons Why Your Economic Impact Payment May be Different Than Expected
Get Help From the Tax Experts at JT Tax Services
It’s important to know this and other relevant provisions to navigate the current circumstances. Our knowledgeable experts at JT Tax Services will help you so you can take advantage of all the relief initiatives you are eligible for.
This is particularly important because Tax Day is approaching. The deadline is July 15, so this is the right time to take steps to ensure that your taxes are filed and paid on time.
At JT Tax Services we have the experience, the knowledge and the drive to assist you. With our advice, you can file your taxes with the peace of mind that comes with knowing that you are limiting your liability while staying compliant with federal and state tax regulations.