Economic impact payments for those on Social Security
We learned on a call with the White House today that the IRS will start sending most Americans their economic impact payments this month and as early as next week.
In addition, those receiving Social Security benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment.
Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don't need to take action.
For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.
There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool - Do I Need to File a Tax Return? - to see if they have a filing requirement HERE.
The IRS will soon provide guidance for these individuals on the steps to take to get their payment as soon as possible.
Social Security recipients who are not typically required to file a tax return don't need to do anything to receive their payment. The IRS will use the information on file to generate payments of $1,200 even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
Learn more on the IRS website HERE.