Today the Internal Revenue Service reminded everyone who does not typically file a tax return that they have until 3:00 P.M. EST this Saturday, November 21, to register for an Economic Impact Payment (EIP).
To register to get a payment in 2020 taxpayers must use the Non-Filers: Enter Info Here tool on IRS.gov before the deadline.
You should only register if you do not normally file a tax return, are not required to do so and have yet to register, or for certain beneficiaries who got an IEP for themselves and need to provide information about a qualifying child or non-beneficiary spouse. Taxpayers who normally file a tax return cannot use the tool.
Along with the Social Security Administration, Department of Veteran’s Affairs, the Bureau of the Fiscal Service, the U.S. Treasury Department and software industry partners, the IRS has issued approximately 160 million Economic Impact Payments totaling about $270 billion. The IRS will continue issuing these payments through the end of 2020, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and some people will be eligible to claim these payments when they file their 2020 tax returns in 2021.
You may check the status of your payment by going to the Get MY Payment application, available at the IRS.gov website. Until your payment is issued the application will show “Payment Status Not Available”. This does not mean that you will not receive a payment or that you are not eligible.
If you did not receive a payment or if the payment amount was not correct you can claim the recovery rebate credit on your 2020 tax return when you file in 2021. For federal income tax purposes, the Economic Impact Payments received in 2020 are not taxable.
Taxpayers who were not eligible for the Economic Impact Payment this year, may be eligible for the Recovery Rebate Credit when they file their 2020 taxes next year. Instead of the 2019 tax year or 2018 tax year information, the Recovery Rebate Credit is based on the 2020 tax year and is figured like the Economic Impact Payment. The maximum credit is $1,200, or $2,400 if married filing jointly, and an additional $500 for each qualifying child, the eligibility criteria are the same. You cannot get the credit if you already claimed the full Economic Impact Payment for both yourself and your qualifying children during 2020.
The Recovery Rebate Credit will be claimed on either Form 1040 or Form 1040-SR.
For answers to questions regarding payment timing, payment amounts, eligibility and more visit the IRS Economic Impact Payment Information Center.