Payments from the $2.2 trillion stimulus package — also known as the CARES Act — have already begun showing up in taxpayers’ bank accounts.
The large majority of people won’t need to do anything in order to receive the payments, which amount to as much as $1,200 for each qualifying adult, $2,400 for married couples, and $500 per child.
However, this isn’t that case for everyone. The Internal Revenue Service (IRS) and the Treasury Department have sent out an urgent call to three groups in particular that need to take immediate action in order to ensure they get their complete stimulus payments:
- Social Security beneficiaries
- Railroad Retirement beneficiaries, and
- Veterans Affairs (VA) beneficiaries
The IRS is asking taxpayers in these situations to register their eligible dependents no later than noon on April 22, or they may not receive their additional $500 per child payment until they file their 2020 tax return early next year.
Here’s the link to the full Motley Fool Article
