Tax Newsletter

IRS Economic Impact Payments – Veterans and Social Security/SSI Recipients Receiving Automatic Payments

The IRS is continuing to send COVID-19 Economic Impact Payments (EIPs, also called stimulus payments) to millions of Americans weekly. The vast majority of eligible recipients will get their EIPs automatically without taking any action. However, some people will need to complete a few simple steps in order to receive the full payment to which they are entitled.

If any of the following apply to you, you should receive your EIP automatically:

  • You filed a 2018 or 2019 federal income tax return
  • You receive Social Security retirement or disability benefits
  • You receive Railroad Retirement benefits
  • You receive Supplemental Security Income (SSI) benefits
  • You receive Veterans Affairs (VA) benefits

If you filed a 2018 or 2019 federal return and provided direct deposit information to receive your refund, your EIP will be automatically deposited to that bank account. Otherwise, you will receive a check in the mail. If you have not yet received your EIP and wish to provide the IRS with direct deposit information, you can do so by using the Get My Payment portal, which is now available in both an English version and a Spanish version.

If you receive Social Security, Railroad Retirement, SSI or VA benefits, your EIP will come to you in the same way as your regular benefits payments, such as through direct deposit or as a mailed check. Note that the payment will come from the U.S. Treasury, not your normal benefits provider. In most cases, individuals who receive any of these benefit types and are not required to file federal tax returns will receive an EIP of $1,200.

However, if you receive these benefits and also have dependent children under the age of 17, you may qualify for an additional payment of $500 per child. In order to claim this additional benefit, you may need to register your children using the IRS Non-Filers: Enter Payment Info Here portal. The deadline to register and have the $500-per-child payment added to your EIP has passed, but you may still receive the supplemental payment at a later date, or be able to claim a refundable credit for the additional amount by filing a 2020 tax return.

The EIP portal for non-filers is especially important for those who do not receive any of the above benefits and are not required to file federal returns due to low income (typically, below $24,400 for couples or $12,200 for individuals in 2019). If these circumstances apply to you, the IRS likely does not have sufficient information to send you an EIP. You should enter your information using the EIP portal for non-filers as soon as possible. Like the Get My Payment portal, this portal is available in English and Spanish versions.

As a reminder, EIPs are NOT taxable income, so you will not need to report your payment on your 2020 federal, state or local tax returns.