safe, money, dollars

People Experiencing Homelessness May Qualify For An Economic Impact Payment

People Experiencing Homelessness May Qualify For An Economic Impact Payment

People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. To get this payment, they must register with the IRS by Saturday, November 21, 2020.

If someone’s income is below $12,200, or $24,400 if they’re married, they probably don’t file a tax return. That means the IRS may not have enough information to issue their payment.

To get an Economic Impact Payment this year, these individuals need to register by November 21. They do this by using the free Non-Filers: Enter Payment Info Here tool. It’s available in English and Spanish.

People who don’t normally file a tax return may be eligible for an EIP if they:

  • Are a U.S. citizen, permanent resident or qualifying resident alien
  • Have a work-eligible Social Security number
  • Cannot be claimed as a dependent of another taxpayer

To use the tool, a person needs:

  • Name, as it appears on Social Security card, for self and spouse, if they are eligible
  • A work-eligible SSN for self and spouse, if they are eligible
  • For each qualifying child, name, relationship and SSN or Adoption Tax Identification Number
  • An email address to help create an account to use the Non-Filers tool
  • A mailing address where they can receive the payment and a confirmation letter, which the IRS will mail within 15 days after issuing their payment
  • Banking information, including routing and account numbers, if they want their payment via direct deposit
  • An Identity Protection Personal Identification Number, if the IRS sent one in the past. If a person lost it, they can use the Get an IP PINtool at IRS.gov to retrieve their number

The Non-Filers tool asks for a user’s license or state ID number to digitally sign the document. There are other ways to do this, so an ID is optional in the tool.

If someone wants their payment by direct deposit but doesn’t have a bank account, they can visit the FDIC website(link is external) for help. The IRS will mail a payment to anyone who doesn’t give direct deposit information.

Other key points about Economic Impact Payments

  • The IRS highly recommends the online Non-Filers toolfor the fastest Economic Impact Payment.
  • People who can’t access or use the tool should follow the steps in the Non-Filers tool sectionof the Economic Impact Payment FAQs. They should submit their information to the IRS by November 21.
  • If someone misses the November 21 deadline, they can claim the payment as a credit on a 2020 federal income tax return next year.
  • The payment is not taxable income and getting one does not affect eligibility for other benefits, such as the Supplemental Nutrition Assistance Program, unemployment benefits or other benefit programs.
  • People can use the Get My Paymenttool at IRS.gov within two weeks to check their payment status.

More information:

#accounting #accountant #accountants #business #bookkeeping #businesstaxes #cpa #covid #incometax  #incometaxseason #incometaxreturn #irs #refund #taxes #tax  #taxprofessional #taxseason  #taxrefund  #taxreturn #taxpreparer  #taxplanning #taxpreparation #taxtime #taxtips #taxprep #taxconsultant #businessowner #smallbusiness #finance #money

%d bloggers like this: