IRS extends time for $500 per child stimulus payments

The Internal Revenue Service is giving taxpayers more time until Nov. 21 to register their dependents for the $500 per child Economic Impact Payments provided under the CARES Act.

The Internal Revenue Service is giving taxpayers more time until Nov. 21 to register their dependents for the $500 per child Economic Impact Payments provided under the CARES Act.

The IRS said Monday that it’s extending the time to give people who were unable to provide their information earlier. Under the CARES Act that was passed by Congress in March in response to the economic fallout from the novel coronavirus pandemic, the IRS sent out $1,200 to each taxpayer, plus an additional $500 per child. It originally relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.

An estimated 9 million people haven't yet received an Economic Impact Payment. The IRS needs to send out the stimulus by the end of the year. It is extending the timeline for registering until 3:00 p.m. ET on Nov 21. The deadline had been Sept. 30 until the latest extension.

CORONAVIRUS IMPACT: ADDITIONAL COVERAGE
marietta-larry.jpg

Larry Marietta, CPA, is the founder and president of Marietta CPAs, an Indianapolis-based firm specializing in small business and strategic advisory services.

Bridget Haile is the chief customer officer at Summer, a fintech startup and certified B corporation on a mission to simplify student debt repayment and forgiveness. After years spent at the intersection of finance, tech, and human advice, she is passionate about using technology and empathy to make complex financial systems more accessible and understandable for everyone. Previously, Bridget led the Client Experience team at Ellevest, an investment platform designed to get more money into the hands of more women, and she is a graduate of Harvard University.

McKinsey will speak at the 2024 edition of American Banker's flagship event and help shape the conference's Bank of the Future experience.

3 Min Read

Following recent IRS programming updates, anyone who registers using the Non-Filers: Enter Info Here before the 3 p.m. Eastern Nov. 21 extended due date will receive an Economic Impact Payment, if they’re eligible. That includes federal beneficiaries who already received an EIP but didn’t receive a supplemental $500 payment for qualifying children.

The IRS headquarters in Washington
The IRS headquarters in Washington.
Andrew Harrer/Bloomberg

The additional time will enable them to enter the information on their qualifying children using the Non-Filers tool on IRS.gov.

Advertisement

Those who are eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits and Veterans Affairs Compensation and Pension (C&P) benefits and did not file a tax return in 2018 or 2019.

The IRS is also encouraging anybody who didn’t have a requirement to file a tax return in 2018 or 2019 to register for an Economic Impact Payment by using the Non-Filers tool before the Nov. 21 deadline. The IRS originally didn’t have information on many of these taxpayers, so it was unable to send them the initial round of stimulus payments.

The IRS is encouraging people to choose direct deposit to receive their payments, as it will speed up processing when using the Non-Filers tool. Those who don’t choose this option will get a check in the mail instead. Starting two weeks after they register, people can track the status of their stimulus payments using the Get My Payment tool, accessible from IRS.gov.