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relied on information from taxpayers’ 2018 and 2019 tax returns, but since in many cases the information was missing, out of date or incomplete, the IRS set up a portal where taxpayers could register their information.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.
Jonathan Boylan is a 30-year veteran of insurance and financial technology. He is the Chief Technology Officer of FINEOS, a leading provider of Life, Accident and Health insurance solutions to over 60 insurers in North America, EMEA and APAC. In the last 20 years, Jonathan has played a leading role company's growth from a startup to becoming a publicly traded company with over €120m in annual revenue. While leading technology throughout the period, Jonathan took on additional responsibilities to support growth including establishing product management and leading marketing. As such, Jonathan has spent much of his time supporting the acquisition of new customers in new and existing markets, both directly in the sales process and in broader thought leadership. More recently, he worked to select acquisition targets which led to the successful acquisition of Limelight Health and Spraoi by FINEOS. In his spare time Jonathan has volunteered his time to support the Irish Software Association, Tech Ireland, Alexandra College and SciFest.
Tim Urbanowicz, CFA, is the head of research and investment strategy for Innovator Capital Management.
Prior to joining Innovator, he was a senior investment strategist for Northern Trust, serving as a subject matter expert on global markets and portfolio construction. Prior to joining Northern Trust, he served as the director of fixed income ETFs and head capital markets strategist for Invesco.
J.D. Crouch is the CEO and president of the United Service Organizations, a private nonprofit organization dedicated to strengthening America's military service members by keeping them connected to family, home and country throughout their service to the nation.
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 additional time will enable them to enter the information on their qualifying children using the Non-Filers tool on IRS.gov.
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.
