$500 Dependent Stimulus Payment, Everything You Need To Know
Internal Revenue Service (IRS) announced the re-opening of $500 dependent stimulus payment registration for parents who did not receive the aid.
The IRS previously announced that they would be sending out around 50,000 stimulus checks for those who missed the $500 dependent stimulus payment for their children. This time, the IRS announced that the registration for the payment is now open.
The $500 dependent stimulus payment is part of the financial aid under the CARES Act Pres. Trump approved in March. This is a relief aid that is intended for eligible American families where their child can receive $500 as financial support.
The registration is open for parents across the country who did not receive $500 dependent stimulus payments. Some of them already received Social Security, Supplemental Security Income, Railroad Retirement, or veteran's benefits but not yet the dependent stimulus payments.
The CARES Act that Pres. Trump signed int law allowed the qualified individuals to receive $1,200 per person who made $75,000 or less based on the recent Tax Return they filed in the IRS. That also includes an amount of $500 for dependent whose age is below 17.
However, many still did not receive the dependent payments six months after the CARES Act was made into law. Many of them are also worried that they will still experience the same fate once the next stimulus bill is approved this month.
The IRS said that recipients could get the federal benefit by filing using the non-filers tool and providing the IRS information. Those who did not file their 2018 or 2019 tax return are urged to file immediately. Take note also that the registration is only until Sept.30.
Meanwhile, if ever that parents cannot register for the $500 dependent stimulus payment, they will need to wait until next year and claim the payment as a credit on their 2020 federal income tax return. The IRS also advised that those who cannot access the non-filers tool can also file a simplified paper return.
Those who received their other benefits through direct deposit will also receive the dependent stimulus payment in the same way. Meanwhile, other recipients will receive it through checks. However, the fastest way to receive the payment is by updating the bank information in the IRS.
The Internal Revenue Service also said that those who used the non-filers tool after May 5 do not have to do anything because the IRS will automatically send the payment in October. Make sure also to visit the IRS website for the progress and development of dependent stimulus payment distribution.
This is just one of the many financial programs that Trump's administration offered to the Americans who are facing the economic devastation of the global pandemic. Most of them are those who were laid-off from their jobs and were furloughed.
Despite this, Trump's administration is trying to do their best and pushing for the second round of the stimulus bill to avoid government operation shut down that will hamper Americans' needs. The Senate is set to discuss the new bill on Sept.8, Tuesday, while Congress will deliberate it next week.
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