Action Required for Certain Non-Filers to Obtain Maximum Economic Impact Payment

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Rivkin Radler LLPThe IRS on April 20, 2020, issued a special alert for non-filing Social Security or Railroad Retirement Benefit Recipients with qualifying children under 17 (“non-filers”).

In order to receive the additional $500 payment per eligible child added to the $1,200 Economic Impact Payment, non-filers must register on the IRS’ Non-Filer tool site by 12 p.m. on Wednesday April 22, 2020. Non-filers who miss the deadline will receive the $1,200 and, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.

SSI and VA beneficiaries with qualifying children have an undefined additional amount of time to register as their Economic Impact Payments will be received in May.

Once a non-filer has received their Economic Impact Payment they will not be eligible to use the non-Filer tool to add qualifying children; the additional $500 per eligible child would be paid in association with a return filing for tax year 2020.

More information is available at https://www.irs.gov/newsroom/ssa-rrb-recipients-with-eligible-children-need-to-act-by-wednesday-to-quickly-add-money-to-their-automatic-economic-impact-payment-irs-asks-for-help-in-the-plus-500-push

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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