COVID Tax Tip 2020-44: Questions about Economic Impact Payments
Internal Revenue Service (IRS) sent this bulletin at 04/22/2020 09:29 AM EDT
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Issue Number: COVID Tax Tip 2020-44Questions about Economic Impact Payments
Questions? The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to some of the most common questions. How are payments calculated and where will they be sent? Payments will also be automatic for those who receive Social Security, railroad retirement or Social Security Disability Insurance (SSDI and SSI) and veteran’s benefits who don’t normally file a tax return. However, to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020. What if the IRS doesn’t have the taxpayer’s direct deposit information? Can taxpayers who aren’t required to file a tax return receive a payment? Can taxpayers who haven’t filed a tax return for 2018 or 2019 still receive a payment? I received an additional $500 in 2020 for my qualifying child. However, he just turned 17. Will I have to pay back the $500 next year when I file my 2020 tax return? Share this tip on social media -- #IRSTaxTip: Questions about Economic Impact Payments. https://go.usa.gov/xvNeW Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message. |