Your money has possibly already dropped into your bank account, but if you’re still waiting on your stimulus money, here is an estimate per the Washington Post of when more payments will be delivered. n Social Security, survivor and disability non-filers will see economic impact payments in their bank accounts no later than April 29, according to a Treasury spokeswoman. Social Security and Railroad Retirement recipients can now access Get My Payment to check the status of the payment. You can’t use the tool to provide direct deposit information if you did not file a tax return for 2018 or 2019. The IRS will use the information on Form SSA-1099 or RRB-1099 to send a stimulus payment the same way you receive your benefit.
– SSI non-filers should begin seeing payments in early May.
– Veteran benefit recipients should also begin receiving their stimulus payments by early May, a Treasury spokeswoman said.
– In an update posted April 26, the IRS said that if you have successfully entered your bank information “any day until noon on Tuesday, April 28, your payment date will be available beginning the following Saturday.” If you miss the Tuesday deadline, you have to wait another week to get a payment date. Or, if your payment has already been processed, you’ll get a check that could take up to 14 days to receive.
– If you receive SSI or Veterans Affairs benefits and didn’t file a tax return for 2018 or 2019, you have until May 5 to use the non-filer tool on the IRS website to receive the $500 payment per dependent child under 17. If you miss the deadline to register dependent children, you will still get your $1,200 payment, but you will have to wait until next year to get the additional $500 when you file a 2020 tax return.
The May 5 deadline is only applicable to SSI and VA beneficiaries who need to let the IRS know they have dependents eligible for the $500. No action is necessary if you don’t need to register a dependent. Your stimulus payment will be automatically sent just as you would normally receive your benefits by direct deposit, Direct Express debit card or check. Social Security and Railroad Retirement beneficiaries who don’t file tax returns were given until noon April 22 to claim an extra $500 payment for dependents under 17, or risk waiting until next year for the funds. The IRS sent the notice about the deadline just two and a half days before people had to act. Unless the deadline is extended, those who missed the cutoff will get their stimulus payments of $1,200 but will have to wait until next year to collect the extra $500 per child when they file their 2020 tax return.
If you are one of the many Americans who have already received their stimulus money, what are you going to do with it? If your income has decreased or ceased completely, using the money for living expenses is the obvious choice. If your income has maintained, use this stimulus money wisely. Pay off debt, put the money into savings, or if you’re able, you could give away the extra money for another family in need.
These are odd times indeed. Many people may still be laid off or furloughed, only time will tell, so create a plan in the case of a financial emergency. As always, be safe, wash your hands and be kind to those around you.
For more information on this topic or others, please contact the K-State Research and Extension – Leavenworth County office at 913-364-5700 or email me directly at email@example.com
Chelsi Myer is a family and consumer sciences agent for K-State Research and Extension – Leavenworth County.