Millions of Americans have already received their Economic Impact Payments as the IRS continues to automatically send payments to more individuals. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive their payment. The IRS will calculate the amount based on the income, filing status and dependent information on their most recently filed tax return.
While people who receive Supplemental Security Income and Veterans Affairs disability compensation and pension benefits will receive up to $1,200 automatically, some people in this group with children under 17 can receive up to an additional $500 for each qualifying child and need to act by May 5 to get it.
People in this group who have qualifying children under age 17 can claim the additional $500 per qualifying child and will need to provide their child’s information to the IRS using the Non-Filers: Enter Payment Info Here tool before May 5. Individuals who are married must also provide additional information using the Non-Filer tool to claim the full $2,400 payment if their spouse didn’t receive SSA, SSDI, RRB, SSI or VA benefits in 2019 and didn’t have to file a tax return in the last two years
A qualifying child is someone who:
• Is the child, stepchild, eligible foster child, sibling, half sibling, step sibling or a descendant of the individual. A descendant includes children like a grandchild, niece or nephew.
• Can be claimed as a dependent on the taxpayer’s tax return. For those who don’t usually file a tax return, include the child’s information in the Non-Filers: Enter Your Payment Info Here tool before May 5.
• Was younger than 17 at the end of the 2019 tax year.
• Is a U.S. citizen, U.S. national, or U.S. resident alien.
• Has a valid Social Security number or an adoption taxpayer identification number.
Some people have older dependents. This includes people like an individual’s parent or a college student. Here are a couple things to know about dependents 17 or older:
• Individuals with dependents 17 and older won’t get more money for those dependents.
• The person claimed as a dependent on another person’s tax return isn’t eligible for the $1,200 Economic Impact Payment.
In addition to those receiving SSI and VA recipients who receive Compensation and Pension (C&P) benefit, payments are also automatic for people who don’t normally file a tax return but receive certain payments. These payments are:
• Social Security benefits for retirement,
• Social Security Disability insurance
• Survivor benefits
• Railroad Retirement benefits
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