SS Recipients Will Automatically Receive Economic Impact Payments
The U.S. Department of the Treasury and the Internal Revenue Service announced Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin.
The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who 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, said officials.
Mnuchin said at yesterday’s White House briefing that stimulus checks would be going out within two weeks to taxpayers whose direct deposit details are on file. This represent payments to about 60-70 million taxpayers, according to Federal data.
I am pleased that Congress has passed the CARES Act, the largest economic relief package in history for hardworking Americans and businesses that, through no fault of their own, have been adversely impacted by the coronavirus outbreak, Mnuchin said on passage of the federal stimulus.
Details are sill be worked out for those individuals who do not have bank accounts and or direct deposit debit cards.
A Forbes report said the Treasury plans to develop a web-based portal for those individuals to provide their banking information and online.
For those who do not receive Social Security he IRS is also encouraging folks who have not filed a 2018 or 2019 to do it soon (and don’t forget to include your direct deposit banking information on your return).benefits and don’t file tax returns they will need to fill out a “simple form” online, that has yet to be released. The IRS says development and implementation for that web based portal is still in development.
The IRS is also encouraging residents who did not file in 2018 or 2019 to do so as soon as possible and make sure to include your direct deposit banking information on your return.