There is no surety of another round of coronavirus stimulus checks this month now. However, we now do know that some of those who didn’t get the $500 dependent payment with their coronavirus stimulus check, now have a chance to get it.
Q2 2020 hedge fund letters, conferences and more
According to the IRS, some Social Security and other federal benefit recipients who didn’t get the stimulus check for a dependent will have another chance to receive the payment this year. The agency said it is reopening online registration for such users to apply for the dependent payment.
The Delbrook Resource Opportunities Master Fund LP declined 4.2% in September, bringing the fund's year-to-date performance to 25.4%, according to a copy of the firm's September investor update, which ValueWalk has been able to review. Q3 2021 hedge fund letters, conferences and more The commodities-focused hedge fund has had a strong year of the back Read More
“To help with this, we are allocating additional IRS resources to ensure eligible recipients receive their full payments during this challenging time," the IRS said in a press release.
As per the IRS, the online registration for the dependent payment will start from August 15 through September 30. For the registration, those who got the incomplete coronavirus stimulus check will have to visit the IRS "Non-Filers tool" and enter the information about the eligible dependent to get the payment.
According to the IRS, it will issue the dependent payment by mid-October to those making online registration before September 30. Those eligible to get the dependent payment include people who get Social Security retirement, Supplemental Security Income, survivor or disability benefits, Veterans Affairs compensation, pension benefits and railroad retirement benefits, and those who didn’t file a tax return in 2018 or 2019.
Online registration: not needed for all
Those who get any of the above benefits and have already used the Non-Filers tool (after May 5) to give details about the eligible dependent, need not take any further action. As per the IRS, they will automatically get the coronavirus stimulus check for the dependent payment in October.
Separately, those who get any of the federal benefits above and have already filed or plan to file a tax return either for 2018 or 2019, should not use the Non-Filers tool. Their payment will be processed as per their information on the tax return.
Those who are unable to access the Non-Filers tool, can submit a simplified paper return. To review the process visit the FAQ section on IRS.gov.
For those who get the above mentioned federal benefits, doing the registration by September 30 could be the final chance to get the dependent payment this year. If they miss the September deadline, they will have to wait until next year to claim it as a credit on their 2020 income tax return.
Talking of how you will get the payment. Those who got the coronavirus stimulus check through direct deposit will get the payment in the same way. Others will get the payment through a check.
You can check the status of the dependent payment by visiting the IRS’s online Get My Payment tool. The agency will send the notice for the dependent payment to the eligible recipients. The taxpayer needs to retain the notice for their tax records.