The Internal Revenue Service has posted a reminder on their website about looming deadlines for making claims to the CARES Act, the $2.2 billion aid package Congress passed to help Americans during the economic shutdown caused by the coronavirus pandemic.
With one of the deadlines just one day away, anyone missing the window to claim the return of their tax dollars would have to wait until next year to claim the “economic impact payment” as a credit on their 2020 income tax return
Americans on certain federal programs have until midnight Wednesday, September 30th, 2020, to claim $500 checks for each child or other eligible dependents. Taxpayers receiving Social Security, Railroad Retirement, Supplemental Security Income, and Veterans Affairs benefits may have already received the standard $1,200 individual payments that were issued, but not the additional money for their children.
A reminder to parents sending their kids #backtoschool this season! Families who don’t make enough to file taxes may be due an Economic Impact Payment PLUS $500 per child. #IRS urges you to claim your #EIPbyOct15. https://t.co/FjXU7pGWeq pic.twitter.com/mM46G32WGu
— IRS #COVIDreliefIRS (@IRSnews) September 28, 2020
The other key reminder the IRS issued was about the October 15th, 2020, deadline. This deadline is for Americans who don’t normally file a tax return and have not received the standard $1,200 checks. Those in this category must check their eligibility on the IRS website and, if eligible, furnish the necessary information.
The IRS has created a portal on their website for every American to check eligibility and status of their claims to the CARES Act stipend. You can access that page here.
Approximately 159 million Americans have received an economic impact payment from the Federal government under the CARES Act. It is important to remember that these economic impact fees are derived from taxpayer dollars and are, thus, technically a return of taxpayer dollars to the taxpayers.