Clearing up some confusion the Treasury Department announced on April 1, 2020, that those who receive Social Security will not have to file a tax return to obtain the coronavirus stimulus payment.
The previous guidelines posted earlier this week were unclear on whether or not people who receive Social Security benefits would qualify for the stimulus payment. The announcement on Wednesday said those beneficiaries will receive the money automatically. The information that the Social Security Administration has on file for those people will be used by the IRS for the payments.
Those who receive Social Security will not have to take any action in order to obtain the money. People who have direct deposit will receive their stimulus payment the same way. For those that do not have direct deposit, a check will be mailed to them. Of course, this means they must wait for the checks to arrive via the mail.
Democratic lawmakers sent a letter to the Treasury Department on Wednesday urging them to send payments automatically to Social Security recipients. There are laws in place that allow the IRS to do so. This is great news for those who receive Social Security benefits.
President Donald Trump signed a $2 trillion stimulus bill last week, which includes direct payments. This bill gives individuals up to $1,200, married couples are due up to 2,400; people with children will receive $500 per child.
If individuals have an adjusted gross income more than $75,000 will see their stimulus check reduced by five dollars for ever $100 they go over. Anyone who makes more than $99,000 gross income will not receive a check, that total doubles for couples.
This information will be based on 2019 tax returns that have already been filed and 2018 tax returns for those that have not filed yet. Those that chose direct deposit for tax returns should start seeing stimulus checks in their bank accounts in about three weeks. Others will receive a check in the mail or may be able to update their direct deposit information online. There has been little information on how that may work at this time.
There is a plan for a “web-based portal” in the coming weeks, announced the Treasury Department. There have been some reports that checks and deposits may be starting by April 13, 2020, for Social Security recipients.
By Sheena Robertson
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