The Internal Revenue Service is continuing to send out COVID-19 economic relief payments, but some folks have to act fast to ensure that they aren't shorted.
Recipients of Supplemental Security Income and Department of Veterans Affairs benefits who also are caring for dependent children need to let the IRS know about those kids. If the youngsters are age 16 or younger, they could mean an added $500 each in coronavirus relief.
But if these child-rearing SSI and VA recipients don't let the IRS know about their families by Tuesday, May 5, those won't get the added $500 this year.
SSI or VA families can ensure they get all the economic impact money for which they're eligible — that's $1,200 per adult and $500 for each qualifying child — by going now to the IRS' special online Non-Filers Tool. Or at least by next Tuesday, May 5.
If you don't, you'll have to file a tax return next year to get the added payment for your children.
Bank accounts only, please: One at the IRS Non-Filers web page, folks who usually don't have to file an annual tax return can enter all the information, including dependents, that the IRS needs to issue the correct amount of payment this year.
Take note, though, if you get your regular government benefits via a Direct Express account. The COVID-19 stimulus amount will not be added to that account.
When you go to the Non-Filers Tool to update your information, in addition to adding your dependent children, you'll need to enter bank account information to get the stimulus via direct deposit.
If you leave the bank portion blank, your COVID-19 payment will be sent to you as a paper check via the U.S. Postal Service.
Online updating schedule: The IRS is following a schedule for the delivery of the coronavirus stimulus money. Payments to those getting regular benefits from SSI and VA is coming up soon.
That's why the IRS is urging these folks to update their family status now.
If they don't, warns the IRS, while they will get their $1,200 payment created by the Coronavirus Aid, Relief and Economic Security (CARES) Act, that law says if they miss this info update window then they can't get the additional $500 per eligible child amount until they file a 2020 tax return next year.
This latest alert about nonfilers needing to let the IRS know of their family situation is part of the IRS' Plus $500 Push. It's also this week's By the Numbers honoree.
The first phase of Plus $500 Push was in April and targeted Social Security and Railroad Retirement beneficiaries with children who are eligible for COVID-19 payments. Those amounts started showing up in direct deposit bank accounts last week.
If you're an SSI or VA benefit recipients with kids, make sure the full and correct amount of your payments also are delivered to you as soon as possible by updating your family data now. Or, again, by Tuesday, May 5.
| Coronavirus Caveat & More Information In 2020, we're all dealing with extraordinary circumstances, both in our daily lives and when it comes to our taxes. The COVID-19 pandemic and efforts to reduce its transmission and protect ourselves and our families means that, for the most part, we're focusing on just getting through these trying days. But life as we knew it before the coronavirus will return, along with our mundane tax matters. Here's hoping that happens soon! In the meantime, you can find more on the virus and its effects on our taxes by clicking Coronavirus (COVID-19) and Taxes. |
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