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Today, the Department of Veteran's Affairs sent an email out regarding a fourth stimulus payment. The email stated the following:"The Internal Revenue Service (IRS), the Department of the Treasury, and the Bureau of the Fiscal Service recently announced they are disbursing more than 25 million payments in the fourth batch of Economic Impact Payments from the American Rescue Plan. Many of these payments will go directly to Veterans and their beneficiaries."
How payments are determined:
"The Veterans Benefits Administration (VBA) and the IRS worked together quickly to ensure that Veterans and their beneficiaries would receive their stimulus checks without additional paperwork or IRS filings. VBA shared data with IRS on Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments who don’t normally file a tax return."Furthermore, the Office of Financial Management stated, "People who do not normally file a tax return and do not receive federal benefits may qualify for these Economic Impact Payments. This includes those experiencing homelessness, the rural poor, and others. Individuals who did not get a first or second round Economic Impact Payment or got less than the full amounts may be eligible for the 2020 Recovery Rebate Credit, but they’ll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return."
When can you expect a payment:
"The IRS has already started processing these VA payment files. Because the majority of these payments are disbursed electronically, they should have been received on the official payment date of April 14. The IRS projects VA beneficiary payment information would be available in the Get My Payment tool.No action is needed by most people to obtain this round of Economic Impact Payments. Additional information on Economic Impact Payments is available on IRS.gov."
Help for Homeless Veterans
Unlike the 3rd Economic Impact Payment, this will not require a filing of taxes to receive. The stipulation of the 3rd stimulus left many veterans who don't file taxes without a payment. Veterans who are homeless may not file taxes, or have a permanent address to receive a check. Some who receive disability compensation, are given a free checking account, and debit card, to receive their monthly payments.No additional information is available, but we will follow this closely. What will you spend you check on? Sound off in the comments below!
