The Internal Revenue Service (IRS) has once again opened the registration process for claiming an economic stimulus payment for your children.
The stimulus payments were originally issued in April of this year to help Americans deal with economic setbacks as a result of the COVID-19 crisis. Single taxpayers whose adjusted gross income for 2019 was $75,000 or less, or married taxpayers with a 2018 adjusted gross income of $150,000 or less, were eligible.
Along with those payments, the program included an additional $500 for each dependent child under 17.
The IRS initially sent out stimulus payments only to eligible taxpayers based on tax returns for 2019, but people who have taxable income below $12,200 ($24,400 for married couples) are not required to file a tax return. This led to many veterans whose only source of income is non-taxable, such as VA disability payments, or Social Security disability being excluded from the stimulus payment program.
To solve this inequity, the IRS came up with several different solutions, finally settling on a process requiring these people to complete an online application that would allow the government to send the stimulus payments to them. However, some people who completed the online application did not receive the extra $500 for each dependent child as a result of confusion at the onset of the program.
The IRS did offer several catch-up periods that allowed those who missed out on the additional $500 to file for the missing payments, but apparently nearly six months later there are still a lot of people who haven't gotten their full stimulus payments.
As a result, the IRS recently reopened the registration period for individuals who missed out on the extra $500 dependent economic impact payments. This new application period is open until the end of September and is directed at those who receive VA disability payments, Social Security, supplemental security income or railroad retirement payments as their main, or only, source of income.
How to Apply for Extra Stimulus Payments
Federal benefit recipients who have not received their full stimulus payments can now use the Non-Filers Tool on the IRS website to apply. This application will be available until Wednesday, Sept. 30. Completing the application will allow the IRS to send the $500 dependent child payment to eligible individuals whose taxable income is below the minimum limits.
You are eligible for the extra stimulus payment if you:
- Have not already used the IRS Non-Filers tool to apply for the extra $500 qualifying child payment; and
- Have not filed a 2019 or 2018 tax return.
If you have already used the Non-Filers tool and have not gotten your payment yet, the IRS says you don't need to take any further action. It will automatically send you a payment in October.
What to Expect
After filing, you can check the status of your payment on the IRS website. You should also receive a notice in the mail after the payment is issued; this notice should be kept with individual tax records. The payment will be issued in October.
If you got your original economic impact payment by direct deposit, the extra dependent payment will also be direct-deposited into the same account. Others will receive a check.
If you can't complete the form online, there are instructions on how to use a paper application on the IRS website.
The IRS says that if you miss this new Sept. 30 deadline, you will need to wait until next year and claim the payment as a credit on your 2020 federal income tax return.
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