The IRS complied with its promise of prompt distribution of the stimulus payment, and as of April 15 many taxpayers had automatically received the payment. At first only social security recipients and those who had filed their 2019 return and indicated banking information received the payments automatically. Since that time the IRS has expanded automatic distribution of the stimulus payment to recipients of Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Social Security benefits (SSI) and VA Compensation and Benefits (C&P).

MAY 5 DEADLINE TO REGISTER: THE PLUS $500 PUSH

Supplemental Social Security Income and Department of Veterans Affairs beneficiaries who did not file a 2018 or 2019 return, will automatically receive the $1,200 stimulus payment. However, if these recipients have eligible dependents, they must register using the Non-Filers tool on the IRS website by May 5 in order to receive the additional $500 per eligible dependent, as distribution of these payments will begin soon. If there is no timely registration these recipients will receive the $500 per eligible dependent payment with the filing of a 2020 return in April 2021.

The IRS is asking everyone to make sure these groups timely register so that they receive the full amount of the stimulus payment at one time. Register by May 5 at https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here Once the deadline passes these individuals will no longer be able to register to add dependent children as the payments are expected to begin in mid-May.

Recipients of SSDI and railroad retirement benefits have already started to receive their benefits and they can no longer register eligible dependents. Their $500 per eligible dependent stimulus payment will have to be claimed through the filing of a 2020 return in April 2021.

STIMULUS PAYMENT DETAILS

Please refer to https://magdaabdogomezlaw.com/impact-recent-legislation-taxes/,  https://magdaabdogomezlaw.com/update-stimulus-payment/ and https://magdaabdogomezlaw.com/irs-registry-stimulus-payment-available/ for specifics regarding eligibility, computation and other pertinent details regarding the stimulus payment.

BEWARE OF CERTAIN ACTIONS

If you are required to file a 2019 return, but have not yet done so, DO NOT register with the IRS as a non-filer in order to get your stimulus payment more quickly. If you do so the system will generate a return for you. If you later file a return electronically, the IRS will reject it as its system will detect a previously filed return. If you register with the IRS and then need to file your 2019 return, you will have to file it as an amended return.

If you are not required to file a 2019 return, but wish to do so instead of registering with the IRS as Non-Filer, you must follow certain IRS approved procedures. These procedures are set out in Section 3 of Revenue Procedure 2020-28.  If you are not required to file a federal 2019 return, but are required a state or local return, you must follow certain IRS approved procedures. These procedures are set out in Section of Revenue Procedure 2020-28. You can access the Revenue Procedure at https://www.irs.gov/pub/irs-drop/rp-20-28.pdf

Returns should be filed as quickly as possible, but not later than October 15, 2020. Under the CARES Act stimulus payments must be made before December 31, 2020.

HOW MUCH HAS THE IRS DISTRIBUTED

As of April 17, the IRS delivered stimulus payments to 88.1 million individuals totaling $158 billion. The IRS estimates that 150 million payments will be sent out, many of those to individuals who are not required to file returns. If you like trivia as of April 17 the state with the highest number of stimulus payments was California with 9,127,137 payments totaling $15,894,426,934. The state with the fewest payments was Wyoming with 166,195 payments totaling $316,335,903. As for Florida, we had the second highest number of payments at 6,348,503 totaling $11,067,476,416.

ADDITIONAL QUESTIONS ABOUT THE STIMULUS

If you have questions about the stimulus payment which have not been addressed, check out this link https://www.irs.gov/coronavirus/economic-impact-payment-information-center