Vets Who Receive Benefits Will Automatically Get Stimulus Payments
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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.
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.