VA INDIVIDUALS TO GET VIRUS PAYMENTS
VA individuals to get virus payments. The Internal Revenue Service, working in partnership with the Treasury Department and the Department of Veterans Affairs, announced that recipients of VA benefits will automatically receive automatic Economic Impact Payments. Veterans and their beneficiaries who receive Compensation and Pension benefit payments from VA will receive a $1200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined. Moving VA recipients into the automatic payment category follows weeks of extensive cooperative work between VA, Treasury, IRS as well as the Bureau of Fiscal Services. VA individuals to get virus payments.
“Since many VA recipients typically aren’t required to file tax returns, the IRS had to work with these other government agencies to determine a way to quickly and accurately deliver Economic Impact Payments to this group,” said IRS Commissioner Chuck Rettig. “Additional programming work remains, but this step simplifies the process for VA recipients to quickly and easily receive these $1200 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.”
No action is needed by most taxpayers. Earlier this month, the IRS took a similar action to ensure those receiving Social Security retirement or disability benefits, Supplemental Security Income and Railroad Retirement benefits can receive automatic payment of $1200. While these groups receive forms 1099, many in this group don’t typically file tax returns. Many people in these groups are expected to see the automatic $1200 payments later this month, with SSI payments expected to start in early May. For eligible taxpayers who filed tax returns for 2018 or 2019, they will also receive the payments automatically. About 80 million payments are hitting bank accounts this week.