The IRS announced that veterans and their beneficiaries who receive compensation and pension benefit payments from the Department of Veterans Affairs (VA) will receive a $1,200 stimulus payment with no further action needed on their part. (Although the timing of the payments is still undetermined.)
Up until now, it was thought that VA benefit recipients who didn't file a tax return for 2018 or 2019 would have to use the IRS's "Non-Filers: Enter Your Payment Info Here" tool to provide information necessary to process their stimulus check payment. However, the IRS will now be able to get most of the information it needs from the VA.
For VA benefit recipients with children 16 years old or younger, an extra step is needed to add $500 per child onto their automatic payment of $1,200 if they didn't file a 2018 or 2019 tax return. These veterans should use the online tool for non-filers as soon as possible to let the IRS know about their children. Veterans who do not provide their information to the IRS soon will receive their $500 per child at a later date, depending on when they complete the registration process.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
VA benefit recipients will generally receive the automatic payments in the same manner that they receive their current benefits. In other words, if VA benefits are directly deposited into your bank account, then the stimulus payment will be electronically paid, too. If you receive your benefits by paper check, then you'll also receive a stimulus check.
Many non-tax filing VA beneficiaries have already used the "Non-Filers: Enter Payment Info Here" tool to provide basic personal information to receive their payments. According to the IRS, there will be no interruption to payments being processed. Veterans are also encouraged to continue providing information and tracking their payments through the "Get My Payment" tool. (For information about this tool, see Track Your Stimulus Check with the IRS's "Get My Payment" Tool.)
-
What Could the Election Mean for Student Loans? Harris vs TrumpAs the presidential election heats up, here’s a closer look at each candidate’s plans to address student loans.
-
Get the New 'Medicare and You' Handbook for 2025Here's how to get a free version of the "Medicare & You" handbook and learn about upcoming Medicare changes.
-
Five New Tax Credits in Harris Economic Plan: What to KnowElection 2024 Democratic nominee, Vice President Kamala Harris has proposed several tax breaks. Here's what you need to know.
-
Incorrect ERC? IRS Points to Five New Red FlagsTax Credits These signs could mean there’s an error in your Employee Retention Credit claim.
-
Five December 31 Tax Deadlines for RetireesThe end of the year will be here before you know it, so it might be a good idea to start thinking soon about what you need to do for taxes before it arrives.
-
Will North Dakota Property Tax Be Eliminated?Property Tax A new property tax proposal will be a key ballot item for the Peace Garden State.
-
IRS Has No Set Plan to Replace Old TechIRS What could old IRS technology mean for your federal tax return and cybersecurity?
-
What Time is the Mega Millions Drawing?Lottery Tax With a high-stakes lottery jackpot, the payout (less some tax) is anyone’s to win.
-
New York Sending School Tax Relief (STAR) ChecksTax Relief Are you receiving a NY STAR credit or exemption for your property taxes?
-
How the Election Could Impact the EV Tax CreditTax Credits It’s no secret electric vehicles have become a bit of a political issue. But what does that mean for your EV tax break?
