The IRS has announced that the deadline to register for an Economic Impact Payment (EIP) is now Nov. 21, 2020. The Economic Impact Payment is known by most people as the stimulus. This later date will provide an additional five weeks for you to meet the deadline.
The IRS is urging people who don’t typically file a tax return and who haven’t received their stimulus to register as soon as possible using the Non-Filers: Enter Info Here tool on the IRS website IRS.gov. The IRS has stated that the tool will not be available after Nov. 21.
“We took this step to provide more time for those who have not yet received a payment to register to get their money, including those in low-income and underserved communities,” said IRS Commissioner Chuck Rettig. “The IRS is deeply involved in processing and programming that overlaps filing seasons. Any further extension beyond November would adversely impact our work on the 2020 and 2021 filing seasons. The Non-filers portal has been available since the spring and has been used successfully by many millions of Americans.”
It is important to understand who the Nov. 21 deadline applies to. The November 21 deadline is only for people who have not received their EIP and don’t normally file a tax return.
If you requested an extension of time to file your 2019 tax return, your deadline date remains Oct. 15.
To help spread the word, the IRS sent nearly 9 million letters in September to people who may be eligible for the $1,200 Economic Impact Payments but don’t normally file a tax return.
The majority of eligible people have received their stimulus. However, if you aren’t required to file, you will need to use the Non-Filers tool to register with the IRS to get your money. Typically, this includes people with income less than the standard deduction.
The standard deduction which applies to the stimulus is $24,400 for married couples, and $12,200 for singles who could not be claimed as a dependent by someone else.
Choosing to receive the stimulus by direct deposit can quicken the arrival of your payment. If you do not choose to use direct deposit you will receive a check.
The Non-Filers tool is secure and is free on the IRS website IRS.gov.
Beginning two weeks after you register, you can track the status of your payment using the Get My Payment tool at IRS.gov.
David Zubler is a tax accountant and Enrolled Agent in East Tennessee, providing tax strategies and representing clients before the IRS and has over 25 years of tax experience. He is the author of four tax books and is the founder and president of Your Tax Care. The company provides business and tax education to the public at its website, YourTaxCare.com. David can be reached at (865) 363-3019 or contacted by email at email@example.com