The IRS on Monday warned that individuals with dependents needed to act by Wednesday if they did not file a tax return in 2018 or 2019, in order to quickly receive the full amount of their stimulus payments.
With the $1,200 government payments being processed, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are dispensed.
“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,” the IRS states.
The IRS states that the $1,200 automatic payments “will be starting soon” for those receiving Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn’t file a tax return in the last two years.