Economic Impact Payments for Social Security Recipients; The Internal Revenue Service (IRS) and the U.S. Department of the Treasury made an announcement regarding Economic Impact Payments for the recipients of Social Security in the United States. As per the announcement, Social Security beneficiaries will automatically receive Economic Impact Payments into their bank accounts as Coronavirus relief aid by the U.S. government. Typically, Social Security beneficiaries are not required to file tax returns. The IRS says that they are not required to file an abbreviated tax return to receive an Economic Impact Payment. Instead of it, payments will be automatically deposited into their bank accounts. Economic Impact Payments is a positive response by the U.S. government to facilitate Americans during coronavirus panic.
The Secretary at U.S. Department of the Treasury, Mr. Steven T. Mnuchin, issued a statement regarding Payments for Social Security recipients,
Social Security recipients who are not typically required to file a tax return do not to need take an action, and will receive their payment directly to their bank account.
Economic Impact Payments for Social Security Recipients
- The IRS will use the information on the Form SSA-1099 and Form RRB-1099 for Economic Impact Payments.
- The same information will be used for the generation of $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019.
- Social Security recipients will be eligible to receive Payments as a direct deposit or by paper check, same as normal circumstances.
- Economic Impact Payments for Security Recipients will begin in the coming three weeks, all across USA.
Other initiatives taken by the IRS and Treasury include
- New People First Initiative for COVID-19
- Families First Coronavirus Response Act (FFCRA)
- Extended Filing Deadline For Federal Tax & Payments
- High-Deductible Health Plans (HDHPs) To Cover Coronavirus Costs
- Employee Retention Credit for businesses
- The CARES Act – For the taxpayers with net operating losses
And a lot is yet to come, hopefully. Stay connected with Black Ink to get all latest updates on coronavirus relief aid from US government.