IRS Extends Deadline to Apply for EIPs
The Consumer Financial Protection Bureau (CFPB) has announced that the IRS has extended to Nov. 21 the deadline to apply for a CARES Act Economic Impact Payment (EIP) for people who don’t normally file income taxes. The deadline had been Oct. 15 for eligible people to apply for their “stimulus checks.” The IRS urges non-filers to register using the free non-filers tool. This online tool was designed for eligible people who aren’t normally required to file a tax return. Usually, this means people with incomes below $24,400 for married couples; or below $12,200 for singles.
For residents who aren’t required to file a tax return, the process is simple and takes only a few minutes. The online tool can be found at www.irs.gov/coronavirus/non-filers-enter-payment-info-here. The resident provides basic information including Social Security number, name, address, and qualifying children. And the IRS will use this information to confirm eligibility, calculate, and send an economic impact payment. No tax will be due as a result of receiving the payment. Entering bank or financial account information will allow the IRS to quickly deposit the payment directly in a savings or checking account. Otherwise, the payment will be mailed.