Here's What You Need to Remember: A recent Treasury report stated that about 7.3 million tax returns processed by the IRS appear to qualify for these tax refunds. Those returns reported a total of $87 billion in unemployment benefits.
Before moving, most people already know that they should inform the USPS of their new address so that they can have their mail forwarded.
But what is less well known is that one should also tell the Internal Revenue Service, as that will make sure that eligible Americans can still smoothly receive their coronavirus stimulus checks, tax refunds, and credits.
“Changes of address through the U.S. Postal Service (USPS) may update your address of record on file with us based on what they retain in their National Change of Address (NCOA) database,” the IRS website says.
“However, even when you notify the USPS, not all post offices forward government checks, so you should still notify us,” it added.
Here are the ways to inform the IRS about the move: oral notification via telephone at 800-829-1040, filling out an appropriate IRS form, completing tax return (use new address when filing), or sending off a written statement that includes full name, old address, new address, and social security number, ITIN, or EIN.
Do take note, though, that it can take four to six weeks for the change of address to be processed by the agency.
As for the types of payments that one can expect to receive at the new address, here are some examples.
In what already has been called as essentially a “fourth” stimulus check, know that beginning in July, millions of eligible parents will be able to receive $250 or $300 payment each month under the expanded child tax credit.
Furthermore, thousands of “plus-up” or supplemental checks are still heading out to eligible Americans. According to the IRS, these funds are “for people who earlier in March received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns.”
For example, it “could include a situation where a person’s income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations,” the agency added.
Another notable cash payment many Americans are in line to receive is from the 2020 unemployment benefits, which are slated to be sent out this month. President Joe Biden’s American Rescue Plan was able to waive federal tax on up to $10,200 of unemployment benefits, or $20,400 for married couples filing jointly, that were collected last year.
A recent Treasury report stated that about 7.3 million tax returns processed by the IRS appear to qualify for these tax refunds. Those returns reported a total of $87 billion in unemployment benefits.
The IRS has confirmed that it will issue the refunds automatically to taxpayers who qualify.
Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn. This article first appeared earlier this year.