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The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.
Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020
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As you likely already know $1,200 automatic payments will be starting soon for those receiving Social Security retirement, SSDI, Railroad Retirement benefits, SSI, and Veterans Affairs beneficiaries who didn't file a tax return in the last two years.
However
For those benefit recipients with children who aren't required to file a tax return, an extra step is needed to quickly add $500 per eligible child onto their automatic payment of $1,200.
For people in these groups who have a qualifying child and didn't file a 2018 or 2019 tax return, they have a limited window to register to have $500 per eligible child added automatically to their $1,200 Economic Impact Payment. You must use the IRS’s non-filer tool by noon Easter Standard Time on Wednesday the 22nd in order to receive the $500 per dependant payment
For SSA and RRB recipients first:
If you do not fill out the non-filers tool by noon on Wednesday you will not receive the per dependant payment until you file a return for the 2020 year
SSA and RRB beneficiaries will not be eligible to use the Non-Filer tool to add eligible children once their $1,200 payment has been issued.
SSI and VA recipients have slightly more time to add $500 to automatic payments
SSI and VA beneficiaries have some additional time beyond April 22 to add their children since their $1,200 automatic payments will be made at a later date.
SSI recipients will receive their automatic payments in early May
VA payment schedule for beneficiaries who receive Compensation and Pension (C&P) benefit payments is still being determined.
Both groups are urged to use the Non-Filer tool as soon as possible.
Again, once your $1,200 payment has been issued, they will not be eligible to use the Non-Filer tool to add eligible children and you will have to wait until 2020 to receive the $500.
No action needed by most taxpayers
If you do not have a dependent don’t be worried you don’t need to take any action and you will receive the $1200 payment without filling out the non-filers tool
non-filer tool:
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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