This “SPECIAL ALERT” may not be applicable to most of your clients, but you may have a friend, family member or other acquaintance who will miss out if they donot take care of this before May 5.
The IRS has issued a “SPECIAL ALERT” for VA and SSI recipients with eligible children. The ALERT states that recipients who did not file a tax return in 2018 or 2019 must update their dependent information with the IRS prior to May 5 in order to receive the full amount of their Economic Impact Payment. If the IRS does not have the current dependent information, qualified recipients will only receive the $1200 payment and, by law, they will only be able to receive the additional $500 per eligible child will be paid in association with a return filing for tax year 2020.
IRS Commissioner Chuck Rettig stated, “They’ll (the eligible recipients) get $1,200 automatically, but they need to act quickly and use the Non-Filers tool (https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here) on IRS.gov to get the extra $500 per child added to their payment. Everyone should share this information widely and help others with the Plus $500 Push, so that more Americans get more money as fast as possible.”
The $1200 payments will automatically be starting soon for those receiving:
- Social Security Retirement
- Survivor or Disability Benefits (SSDI)
- Railroad Retirement Benefits
- Supplemental Security Income (SSI)
- VA Compensation and Pension (C&P)
May 5 is right around the corner, so share this information.