New Opportunity For $500 Economic Impact Payments for Children
- Have you received your $500 Per Child Stimulus Payment?
- Find out how to use the Non-Filer tool to receive your payment.
- Discover what’s next for those who have already used the Non-Filer tool.
- Learn what to do if you haven’t used the Non-Filer tool yet.
- Find out how payments will be made.
- Learn how to use the “Get My Payment Tool” to check the status of your payment.
- Discover how Non-Filers can claim their Economic Impact Payments.
Fiducial has good news! The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn’t receive their $500 per child Economic Impact Payments (aka stimulus payments) earlier this year.
When to apply for Economic Impact Payments
The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool between August 15 and September 30. They should enter information on their qualifying children to receive the supplemental $500 payments.
Who should register for Economic Impact Payments?
Those eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits; Supplemental Security Income (SSI); Railroad Retirement benefits; and Veterans Affairs Compensation and Pension (C&P) benefits. Additionally, these folks would not have filed a tax return for 2018 or 2019.
Thankfully, the IRS anticipates the catch-up payments, equal to $500 per eligible child, will be issued by mid-October.
Already Used the Non-Filer Tool?
For those Social Security, SSI, Department of Veterans Affairs and Railroad Retirement Board beneficiaries who have already used the Non-Filers tool to provide information on their children, and who haven’t yet received the $500-per-child Economic Impact Payment, no further action is needed. The IRS will automatically make a payment in October.
Haven’t Used the Non-Filer Tool?
For those who received Social Security, SSI, RRB or VA benefits and have not used the Non-Filers tool to provide information on their child or children, they should register online by Sept. 30 using the Non-Filers: Enter Payment Info Here tool, available exclusively on IRS.gov. However, anyone who filed or plans to file either a 2018 or 2019 tax return should file the tax return and not use this tool.
Also, any beneficiary who misses the Sept. 30 deadline will need to wait until next year and claim the Economic Impact Payment as a credit on their 2020 federal income tax return.
How Will Payment be Made?
Those who received their original Economic Impact Payments by direct deposit will also have any supplemental payment direct deposited to the same account. However, others will receive a check. The status of the Economic Impact Payments can be checked by using the Get My Payment tool on IRS.gov. In addition, a notice verifying the $500-per-child supplemental payment will be sent to each recipient and should be retained with other tax records.
Non-Filers
Those who are not required to file a tax return are still eligible to receive Economic Impact Payments by using the Non-Filers’ tool. However, they need to act by October 15 to receive their payment this year. Otherwise, they will need to wait until next year and claim it as a credit on their 2020 federal income tax return.
The Non-Filers tool is designed for people with incomes typically below $24,400 for married couples, and $12,200 for singles. This includes couples and individuals who are experiencing homelessness. People can qualify, even if they don’t work or have no earned income. But, low- and moderate-income workers and working families eligible to receive special tax benefits, such as the Earned Income Tax Credit or Child Tax Credit, cannot use this tool. They will need to file a regular return.
Do you have questions related to this child stimulus payment or Economic Impact Payments in general? Call Fiducial at 1-866-FIDUCIAL or make an appointment at one of our office locations. Ready to book an appointment now? Click here. Know someone who might need our services? We love referrals!
For more small business COVID-19 resources, visit Fiducial’s Coronavirus Update Center to find information on SBA loans, tax updates, the Paycheck Protection Program, paid sick and family leave, and more.
