Updates from the IRS on $1,200 Payment and May 5 Deadline for Veterans and Disabled Americans to Request Child Payment

The Internal Revenue Service (IRS) has set a deadline of Tuesday, May 5, 2020 for some veterans and disabled Americans to request an additional $500 child payment.  This deadline applies to veterans receiving compensation for service-connected disabilities or Social Security Supplemental Security Income (SSI) recipients who do not file annual tax returns.  Disabled veterans and those receiving SSI are eligible for payments of $1,200 and also $500 payments for dependent children under 16 years old.  Because the IRS does not have information regarding dependents for these individuals, they must request those funds through an on-line portal at IRS.GOV by May 5.

Under the CARES Act, passed by Congress, Americans with an income under $75,000 (or $150,000 if filing jointly) are eligible for Economic Impact Payments of $1,200 per adult along with a $500 payment for each child under 16 years old.  The IRS is processing the payments and sending them electronically to those who have bank information on file with the agency.  Social Security recipients are scheduled to receive their payments to the account registered with Social Security beginning this week, and veterans and SSI recipients will receive funds electronically in mid-May.

The IRS has provided additional information on the Economic Impact Payments.

  • If you are eligible for the $1,200 payment but are not required to file a tax return and do not plan to file for 2019, you may provide bank information on the IRS website which will allow the agency to send an electronic payment to a bank account rather than having to wait for a mailed check.
     
  • Also, tax filers who have not used direct deposit in the past, can use the Get My Payment tool to provide their bank information so that they can more quickly receive their payment without waiting for a paper check.
     
  • If your bank account information has changed, you should provide updated information to the IRS through Get My Payment.  If your bank has closed or your account has been closed, the payment will be rejected and a check will be mailed to you.
     
  • Veterans and SSI recipients who do not meet the May 5 deadline to request a child payment will still receive their $1,200 payment as scheduled.  You will still be eligible for the child payment but will not receive it until you file taxes for 2020 next year.  Your $1,200 payment and any child payments will be delivered in the same method as your regular payment – direct deposit, debit card or check.

In these challenging times, my focus is helping South Texans deal with the impacts of the coronavirus and the actions required to prevent its spread.  The IRS and all federal agencies must work to quickly get needed funds into the hands of those harmed by this pandemic including seniors, veterans, and the disabled who are at high risk.  The weeks and months ahead may bring new challenges as we begin to return to normal activities, and Economic Impact Payments along with expanded unemployment benefits, small business aid, and assistance to local governments and health care providers will help as we rebuild and prepare for what lies ahead. I urge you to contact me and my staff if we can be of assistance to you.