Sunday, March 26, 2023

IRS Gives More Time to Claim $500 in Stimulus Aid for Each Child By Bloomberg


© Bloomberg. The Internal Revenue Service (IRS) headquarters stands in Washington, D.C., U.S., on Tuesday, Jan. 8, 2019. The IRS will issue refunds to taxpayers even if the U.S. government shutdown extends into the filing season, a decision that may reduce political pressure on Congress and President Donald Trump to reach a deal to reopen the federal government.

(Bloomberg) — Parents who have yet to receive the $500 stimulus payments for each child as part of the coronavirus stimulus package passed in March now have until Nov. 21 to claim the money, the Internal Revenue Service said.

“Federal beneficiaries who didn’t register to receive $500 per child payments earlier this year now have additional time,” the IRS said in a statement Monday. The new guideline gives parents until 3 p.m. Eastern Standard Time on Nov. 21 to claim the payment using a tool for people who don’t file income taxes.

The IRS previously said that recipients needed to claim their payments by Sept. 30. Individuals can also claim any outstanding payments related to the economic aid package filing a tax return next year and claiming the benefit.

The IRS said it is still working to distribute the $1,200 stimulus payments for low and middle-income adults, and the $500 for children that Congress included in the March coronavirus relief bill. The agency said it has struggled to locate individuals that aren’t required to file tax returns or aren’t connected to another federal benefit program, such as Social Security.

Democrats and Republicans have both supported including a second round of stimulus payments in another relief bill, but the two sides have been unable reach a deal. IRS Commissioner Charles Rettig told a House committee earlier this month that his agency is “better prepared” to send more stimulus checks now than they were in March.

©2020 Bloomberg L.P.

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