SSI and VA recipients have slightly more time to add $500 to automatic payments Rail Road Retirement Board (RRB).
To help our clients navigate the coronavirus (COVID-19) crisis, Keane & Beane is providing numerous Legal Alerts on a variety of issues. The information contained in this Legal Alert is applicable as of April 20, 2020. Many situations are so fact specific and nuanced that this Legal Alert only addresses some of the more pressing ongoing issues. The discussion below is therefore general and does not address all considerations and specific analyses that may need to be undertaken prior to taking action.
The IRS has issued a notice that Social Security benefit recipients (retirement, survivor or disability benefits i.e., SSDI) and Railroad Retirement benefit recipients who have child dependents under 17 and who have not filed a tax return in 2018 or 2019 need to file a simple return with the IRS using the new non-filer tool by tomorrow, April 22 at noon EST. Noting that those without dependents will not need to take this additional step, as they will receive their individual payment automatically.
This limited window is so they can register to have their $500/child added automatically to their $1,200 economic impact payment, which is expected to go out shortly. For those that miss the April 22 deadline, they will still be able to receive their $500/child payment, but it will instead be paid in association with a return filing for tax year 2020.
The IRS is saying that Supplemental Security Income (SSI) and Veterans Affairs (VA) beneficiaries with child dependents will have some additional time beyond April 22 to add their $500/child payments since their automatic $1,200 payments will go out at a later date, but its best to file as quickly as possible. Please watch out for scams related to Economic Impact Payments. There is never a fee required to receive these payments.
Prior Keane & Beane Covid-19 Legal Alerts
Keane & Beane, P.C. has prepared several Legal Alerts concerning the Federal and State response to COVID-19 and the impacts on employers and local governments. Given the fluidity of this rapidly developing situation, we encourage you to reach out to a member of the Keane & Beane Trust and Estates Practice Group with questions regarding specific situations. We note that there are legislative developments in Congress and New York which impact each of these questions, and which we are closely monitoring. Because of the frequent developments, you should consult counsel regarding specific questions. For questions on trust and estates issues contact Christopher Aventuro, Jeffrey Cohen, David Glasser, Zachary D. Oliva, Patrick J. O’Sullivan, Steven A. Schurkman, Sarah A. Steckler, or any other attorney in our Trust and Estates Practice Group.