This content is for the first coronavirus relief package, which was signed into law in March 2020. For info on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post.
An important question on Americans’ minds right now is “how can I ensure I’ll receive my stimulus check?” That’s why today, TurboTax launched a free, Stimulus Registration product designed to help millions of Americans who are not required to file a tax return easily register with the IRS to get their stimulus money.
According to the IRS, 80% of Americans are eligible to receive a stimulus payment. For the tens of millions of taxpayers, who have already filed a 2019 tax return or are Social Security or SSI Recipients, there is no action needed. They can easily find out how much they can expect to receive through the TurboTax Stimulus check calculator.
There are as many as 10 million Americans who are not required to file a tax return. Because the IRS will use the federal tax return to determine and send individual stimulus payments, these individuals are at risk of not receiving their stimulus payment.
TurboTax volunteered to create an innovative solution to help this group easily get their stimulus payment — the TurboTax Stimulus Registration product was designed to help millions easily file a minimum tax return with the IRS, which has the information needed to determine their stimulus eligibility. Users simply answer a few questions and then choose to receive their payment via direct deposit or check. The IRS strongly recommends selecting direct deposit, so that taxpayers can get their stimulus payment as quickly as possible.
The Stimulus Registration product is free of charge and can be accessed on the TurboTax Stimulus Center, which includes other helpful tools and resources for consumers, including a Stimulus Calculator to help taxpayers easily understand if they qualify and how much they can expect to receive.
People that are not required by the IRS to file a tax return and do not receive Social Security retirement, disability (SSDI), or Railroad Retirement, SSI, or Veteran Affairs benefits, can use the free TurboTax Stimulus Registration product to easily provide the IRS with the information they need to calculate and send their stimulus payment.
Social Security income and Railroad Retirement recipients do not need to take any action to get their stimulus payment, it will be automatically calculated based on information from their 2019 Form SSA-1099 Social Security Benefit Statement or RRB-1099 Social Security Equivalent Benefit Statement and deposited by the IRS.
If you receive Supplemental Security Income (SSI) you will automatically receive your stimulus payment with no further action needed. The Treasury Department, not the Social Security Administration, will make these automatic payments to SSI recipients. You will generally receive the automatic payments by direct deposit, Direct Express debit card, or by paper check, just as you would normally receive your SSI benefits.
Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA who don’t usually file a tax return and didn’t file their tax year 2018 or tax year 2019 taxes also don’t need to do anything and will automatically receive their $1,200 stimulus check.
*Note, if you receive Social Security retirement or disability benefits (SSDI), Railroad Retirement benefits, SSI or Veteran Affairs benefits you will automatically receive a stimulus check and you don’t need to do anything, however if you have qualifying dependent children you will need to get that information to the IRS as soon as possible. Some beneficiaries in this group have a limited window to register to have $500 per eligible child added automatically to their soon-to-be-received $1,200 Economic Impact Payment. The IRS April 20 alert suggests registering information for your dependent using the IRS special non-filer tool by noon Eastern time, Wednesday, April 22, so that you get all of your eligible stimulus payment in one payment. You can also register your dependent’s information using TurboTax free Stimulus Registration Product. Otherwise, your payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with your return filing for tax year 2020.
The first window affects Social Security Income and Railroad Retirement Benefit recipients with children. SSI and VA recipients have slightly more time to provide the IRS with dependent child information to add $500 to automatic payments. The IRS does, however, encourage SSI and VA recipients to also register their dependent information as soon as possible. Once your $1,200 payment is issued you will not be eligible to add information about your dependent child/children and you will have to file a 2020 tax return to receive the additional $500 per dependent child.
If you have additional questions, click here for the latest information and updates on the 2020 stimulus package and what it means for you.