The IRS recently confirmed VA benefit recipients will automatically receive their stimulus payments. That means if you’re a veteran and or a veteran’s beneficiary who receives Compensation and Pension benefit payments from VA, you will receive a $1,200 Economic Impact Payment (commonly referred to as a stimulus payment) without needing to register for the payment or take any other action.
IRS Commissioner Chuck Rettig stated, “…this
step simplifies the process for VA recipients to quickly and easily receive
these $1,200 payments automatically. We deeply appreciate the sacrifices and
service to our country by each and every veteran and their families, as well as
the assistance of VA and the Bureau of Fiscal Services in this effort.”
Read the official IRS notice.
Quick FAQs
I’m a vet (or a beneficiary), what do I need to do to get my money?
Nothing! You do not need to worry about doing
anything further. The money will come to you automatically.
When will I receive my stimulus payment?
Unfortunately, an official date or time period
has not been determined yet. The IRS release stated veterans may
receive their stimulus money by the end of April.
Continue to check back here for the most
up-to-date information.
How will I receive my payment?
The payment will come to you in the same manner
that you receive your VA benefits – by direct deposit or by paper check.
I have children. How will I receive the extra $500 for them?
It’s easy! If you are not otherwise required to file a tax
return, simply use the TaxAct Stimulus
Registration to submit your dependent information to the IRS. If you
register as soon as possible, you may have a chance to receive the extra money
in your automatic stimulus payment. Otherwise, you’ll have to wait to receive
it at a later date.
Remember its $500 per qualifying child. Each child must be
under the age of 17.
Is this payment
taxable?
Good news – this money is coming to you completely tax-free. And as an added perk, it also will not affect your 2020 refund or any of your current VA benefits.
Track the status of your payment
Curious where your payment is? Use the IRS’ Get My Payment
tool to find out when your stimulus money will hit your bank account.
To learn more about how you can help donate 10 million meals, visit TaxAct and Feeding America: Partnering in the Mission to End Hunger. Together we can make a difference.