IRS Partners With Veterans Affairs; Veterans Will Receive Automatic Economic Impact Payments; The Internal Revenue Service (IRS) partners with the Treasury Department and the Department of Veterans Affairs to deliver Economic Impact Payments to Veterans automatically. The news is announced today with the team working of IRS, Treasury & VA. Now, the recipients of VA benefits will automatically receive automatic Economic Impact Payments throughout the United States. As per the details, Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part.
The government authorities are still determining the timing on the payments. Veterans will receive automatic Economic Impact Payments very soon as the procedure is time taking. VA, Treasury, IRS as well as the Bureau of Fiscal Services are continuously working in collaboration to move VA recipients into the automatic payment category. It is expected that the veterans will receive Automatic Economic Impact Payments in USA in coming weeks very soon.
The IRS, VA and Treasury brought the good news for Veterans Affairs recipients that veterans will receive automatic Economic Impact Payments in the coming weeks. The Commissioner at Internal Revenue Service, Mr. Chuck Rettig, shared his words on the announcement and said,
Since many VA recipients typically aren’t required to file tax returns, the IRS had to work with these other government agencies to determine a way to quickly and accurately deliver Economic Impact Payments to this group. Additional programming work remains, but this step simplifies the process for VA recipients to quickly and easily receive these $1,200 payments automatically. We deeply appreciate the sacrifices and service to our country by each and every veteran and their families, as well as the assistance of VA and the Bureau of Fiscal Services in this effort.
No Action Needed By Most U.S. Taxpayers to Receive Economic Impact Payments
A week ago, the IRS took similar initiative to transfer automatic Economic Impact Payments to Social Security recipients in USA. The IRS announced that individuals receiving Social Security retirement or disability benefits, Supplemental Security Income and Railroad Retirement benefits can receive automatic payments of $1,200 into their bank accounts. As most of the people in the stated group receive Forms 1099, therefore many people usually do not file taxes in this group. It is expected that many people in this group will receive automatic $1,200 Economic Impact Payments by the end of April 2020. Furthermore, SSI payments are expected to start from the first week of May 2020. The eligible taxpayers who filed their 2018 or 2019 tax returns have started to receive automatic Economic Impact Payments into their bank accounts, along with other 80 million Americans.
Extra Step for Benefit Recipients with Dependents to Claim $500 for Children
In order to claim $500 for children, one additional step is required in case of benefit recipients with dependents. The IRS recommends them to register as soon as possible for early delivery of Economic Impact Payments. As per details, eligible taxpayers with qualifying children under age 17 can receive an extra $500 according to the U.S. law. The child payments will be automatic for the eligible taxpayers who successfully filed their tax returns in 2018 or 2019.
On the other hand, most of the benefit recipients in general are not required to file tax returns. If they have children who qualify the eligibility criteria, they can get automatic Economic Impact Payments easily. An extra step is required to add $500 per child onto their automatic payment of $1,200 even if they did not file their tax return in 2018 or 2019.
Veterans Will Receive Automatic Economic Impact Payments
Individuals including veterans, Social Security retirement or disability benefits (SSDI), Railroad Retirement benefits or SSI – and have a qualifying child can quickly get registered to “Non-Filers: Enter Payment Info” available only on IRS.gov. With the registration, these individuals can get an early delivery of the child payments by having these added to their automatic payments. IRS Non-Filer Online Tool is designed to help such individuals to get their automatic Economic Impact Payments fast.
The U.S. Treasury Department, not the Veterans Affairs, will be responsible to deliver automatic payments. VA recipients will receive automatic Economic Impact Payments in the similar manner they receive their current benefits. If you need any help on Compensation and Pension (C&P) benefit payments from VA to veterans and their beneficiaries, you can go through VA.gov page.