Key Stimulus Payment Dates as Deadline Set For Social Security Recipients
More stimulus payments are being sent out under the American Rescue Plan.
The federal government began processing a third round of economic impact payments in late March, the Internal Revenue Service (IRS) said ahead of the Easter weekend.
Individuals earning less than $75,000 are eligible for the full $1,400 payments. Those earning between $75,000 and $80,000 get smaller payments, and they cut out completely for those earning upwards of $80,000.
This week, the agency said more than 130 million payments worth around $335 billion have been sent out so far.
However, there was a delay in payments for Social Security recipients and other federal beneficiaries who did not file a 2019 or 2020 tax return or did not use the tool made available on IRS website for non-filers.
Checks for Social Security recipients on April 7
The IRS announced earlier this week that those payments began processing after receiving data from the Social Security Administration, and the majority of them will be received on April 7.
These payments will go to Social Security retirement, survivor or disability (SSDI), Supplemental Security Income (SSI), and Railroad Retirement Board (RRB) recipients.
"If no additional issues arise, the IRS currently expects to complete that work and to begin processing these payment files at the end of this week," the IRS said in a news release on Tuesday.
"Because the majority of these payments will be disbursed electronically—through direct deposits and payments to existing Direct Express cards—they would be received on the official payment date of April 7."
Eligible Americans can use the "Get My Payment" tool on the IRS website to check the latest on their payment.
The IRS usually updates the tracker once a payment is processed. However, on Thursday, the agency said it would not be updated until this weekend (April 3 and 4) with information for Social Security and other federal beneficiaries expecting payments.
VA beneficiaries could receive payments by mid-April
Those who receive benefit payments from Veterans Affairs may be waiting until the middle of April for their stimulus checks.
"The IRS continues to review data received for Veterans Affairs (VA) benefit recipients and expects to determine a payment date and provide more details soon," the agency said on April 1.
"Currently, the IRS estimates that Economic Impact Payments for VA beneficiaries who do not regularly file tax returns could be disbursed by mid-April. VA beneficiary payment information will be available in the Get My Payment tool at a future date."
Tax filing deadline extended to May 17
The IRS has also announced that Americans will have more time to prepare their taxes, extending the usual tax filing deadline of April 15 to May 17.
"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," IRS Commissioner Chuck Rettig said in a statement last month.
"Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."
The announcement means individual taxpayers have an extra month to file their return and can postpone federal income tax payments for the 2020 tax year to May 17, 2021 without penalties or interest. The new deadline also applies to those who pay self-employment tax.
Taxpayers do not need to file any forms or call the IRS to qualify for the new deadline, but those who need more time beyond May 17 can request a filing extension until October 15.
The new deadline does not apply to estimated tax payments that are due on April 15, 2021. Those are still due by that day.
