Tax Breaks

Some Veterans Can Get a Bigger Stimulus Check (If They Act Now)

If you receive VA benefits and have dependent children, you might be able to boost your stimulus check by $500 or more. But you have to act by May 5.

If you're a veteran who receives compensation and pension benefits from the Department of Veterans Affairs (VA), you'll automatically get a $1,200 electronic stimulus payment if you didn't file a 2018 or 2019 tax return. (If you did file a return for one of the last two years, the amount of your payment will be based on information contained on your most recent return). However, non-filers who receive VA benefits, and have (or care for) children under 17 years of age, can get an extra $500-per-child added to their stimulus check—if they act before May 5.

To get the additional stimulus payment, use the IRS's "Non-Filers: Enter Your Payment Info Here" tool to send the IRS information about your dependent children. (Go to irs.gov/coronavirus/non-filers-enter-payment-info-here to access the tool.) But you need to do this by May 5 in order to get the extra $500-per-child added to your stimulus check.

If the IRS doesn't have the dependent information in time, your stimulus payment will be for the standard $1,200 amount. However, you will be able to claim the additional $500-per-child amount when you file your 2020 tax return next year.

Non-filers who receive VA benefits should receive their automatic payments by mid-May, according to the IRS.

Most Popular

Planning to Sell Your Home in Retirement? Downsize Costs Along With Space
Budgeting

Planning to Sell Your Home in Retirement? Downsize Costs Along With Space

In this hot real estate market, consider the costs of buying and selling a house along with the expenses associated with your new digs.
November 13, 2020
What Biden Will Do: 24 Policy Plays to Expect From the Next Administration
Politics

What Biden Will Do: 24 Policy Plays to Expect From the Next Administration

The Kiplinger Letter forecasts President-Elect Joe Biden’s biggest priorities -- and the likelihood of progress on them.
November 19, 2020
The 13 Best Healthcare Stocks to Buy for 2021
Kiplinger's Investing Outlook

The 13 Best Healthcare Stocks to Buy for 2021

Most of the best healthcare stocks for 2021 will have some sort of ties to COVID, whether it's producing a vaccine or cure, or benefiting from the vir…
November 20, 2020

Recommended

13 States That Tax Social Security Benefits
social security

13 States That Tax Social Security Benefits

You may have dreamed of a tax-free retirement, but if you live in these 13 states, your Social Security benefits are subject to a state tax. That's on…
December 2, 2020
18 States With Scary Death Taxes
inheritance

18 States With Scary Death Taxes

Federal estate taxes are no longer a problem for all but the extremely wealthy, but several states have their own estates taxes and inheritances taxes…
December 2, 2020
10 States with the Highest Gas Taxes
taxes

10 States with the Highest Gas Taxes

COVID-19 has made us appreciate driving our cars more, but filling up the tank will cost you more in these state.
November 23, 2020
10 States With the Lowest Gas Taxes
taxes

10 States With the Lowest Gas Taxes

Saving money is a marathon not a sprint. And even low gas taxes can help keep money in your pocket.
November 21, 2020