The IRS has announced a fast-approaching deadline for people who normally don’t file a tax return but receive Supplemental Security Income (SSI) and Veterans Affairs benefits.
By Tuesday May 5, anyone who gets these federal benefits, didn’t file a tax return in the last two years, and has dependent children under age 17 must use the non-filers tool on the IRS website to qualify for the additional $500 per child stimulus payment. The tool can be found here.
“We want to ‘Plus $500’ these recipients with children so they can get their maximum Economic Impact Payment of $1,200 plus $500 for each eligible child as quickly as possible,” IRS Commissioner Chuck Rettig said in a news release. If you don’t make the deadline but qualify for an additional payment, you won’t get the money until next tax season.
Keep in mind that stimulus checks don’t affect federal benefits or tax refunds, and they’re not taxed as income.
Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who are not claimed as dependents themselves will be getting $1,200 stimulus payments the same way they normally receive benefits, whether through direct bank deposit or mailed to their home address. These payments are automatic and are expected to begin going out in early May.
Under the CARES Act, anyone who is eligible for a stimulus payment and has a dependent aged 16 and under is eligible for an additional $500 per child. Because federal benefits recipients who don’t file a tax return are getting paid automatically, the IRS is asking them to take this extra step to get their maximum payment.Read Full Article