Stimulus Checks: Key Deadline Coming on Tuesday

Another major stimulus check deadline is fast-approaching for a specific subset of U.S. citizens. Anyone who Supplemental Security Income or benefits from the Department of Veterans Affairs has until Tuesday, May 5 to update information about their dependents, according to CNBC.

For those that fit into either of those two categories, the IRS has set up a special portal on its website that allows anyone who typically doesn’t file a tax return to update the number of dependents they’re claiming. Along with the one-time payout of $1,200, each dependent is worth an additional $500. For those that do file regular tax refunds, and have done so in 2018 or 2019, will not need to update any information.

This is the latest major deadline that the IRS has put in place as it continues to roll out the stimulus checks as part of the $2 trillion CARES Act that was passed back in March. The most recent deadline, April 22, was a similar call to action for those who receive Social Security retirement or disability benefits or Railroad Retirement benefits to update their dependent information. Those stimulus checks started hitting the mail last week, CNBC reported.

Back in April, IRS Commissioner Chuck Rettig told Forbes that the agency wants “to ‘Plus $500’ these recipients with children so they can get their maximum Economic Impact Payment of $1,200 plus $500 for each eligible child as quickly as possible.” While he stressed that the $1,200 payment will be automatic, anyone in this group will “need to act quickly and register at IRS.gov to get the extra $500 per child added to their payment. These groups don’t normally have a return filing obligation and may not realize they qualify for a larger payment. We’re asking people and organizations throughout the country to share this information widely and help the IRS with the Plus $500 Push.”

The addition of deadlines and other requirements has been another bump in the road for the rollout of these stimulus checks. Along with direct deposits going in the wrong accounts, the payments have been susceptible to fraud, debt collection and garnishment in some cases. While there’s been some talk of the Treasury Department getting involved, it’s unlikely to happen until Congress is able to pass a law that would give the agency more power to intervene in such matters.