WASHINGTON – As the IRS continues to disburse Economic Impact Payments to Americans, the agency is asking those who receive Supplemental Security Income or Veterans Affairs benefits for information about child dependents by Tuesday.
In March, Congress passed a stimulus package in response to the coronavirus crisis. It included $1,200 payments to qualifying individuals and $2,400 to qualifying couples, plus an additional $500 for qualifying children. The IRS is asking SSI and VA beneficiaries to use their Non-Filer Tool to tell them about any qualifying children they have.
“They are getting benefits from any service that they did or they’re getting benefits based on income,” explained Steven Elwell, the chief investment officer for Level Financial Advisors. “They generally don’t end up filing a tax return, so the government may not be aware that they have a qualifying child.”
This only applies to SSI and VA beneficiaries who have a qualifying child, and did not file a federal tax return in 2018 or 2019.
Those who do not share this information with the IRS by Tuesday will have to wait until they can file a 2020 tax return to receive the extra $500 per qualifying child.