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For Recipients of SSI, SSDI, and RSDI: Important Information About Economic Impact Payments
on April 7, 2020The US Treasury Department has begun to issue economic impact stimulus payments for eligible individuals. Those with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly will receive the full stimulus payment amount of $1,200 for individuals and $2,400 for married filing jointly. Eligible individuals will receive an additional $500 for each qualifying child under the age of 17. Those with higher adjusted gross income may be eligible for a reduced payment.
Individuals who receive Railroad Retirement and Survivor benefits and those who receive Social Security Retirement, Survivors, or Disability benefits who do not have qualifying children under age 17, will automatically receive the $1,200 stimulus payment directly from the IRS as long as the individual received an SSA-1099 for 2019. These individuals do not need to register or take any action with the IRS.
But what if you or your loved one receives Supplemental Security Income (SSI) benefits? Such adults who are not claimed as a dependent on another person’s tax returns are also eligible for the stimulus payment, but will need to register in order to receive it. For those individuals who do not typically file tax returns and who did not receive an SSA-1099 for 2019, the Treasury Department has released an important new tool to register and receive economic impact payments, go to: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
You should go to the IRS website to register for your stimulus payment if:
©2020. This material is intended to offer general information to clients and potential clients of the firm, which information is current to the best of our knowledge on the date indicated below. The information is general and should not be treated as specific legal advice applicable to a particular situation. Fletcher Tilton PC assumes no responsibility for any individual’s reliance on the information disseminated unless, of course, that reliance is as a result of the firm’s specific recommendation made to a client as part of our representation of the client. Please note that changes in the law occur and that information contained herein may need to be reverified from time to time to ensure it is still current. This information was last updated April 2020.
Individuals who receive Railroad Retirement and Survivor benefits and those who receive Social Security Retirement, Survivors, or Disability benefits who do not have qualifying children under age 17, will automatically receive the $1,200 stimulus payment directly from the IRS as long as the individual received an SSA-1099 for 2019. These individuals do not need to register or take any action with the IRS.
But what if you or your loved one receives Supplemental Security Income (SSI) benefits? Such adults who are not claimed as a dependent on another person’s tax returns are also eligible for the stimulus payment, but will need to register in order to receive it. For those individuals who do not typically file tax returns and who did not receive an SSA-1099 for 2019, the Treasury Department has released an important new tool to register and receive economic impact payments, go to: https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
You should go to the IRS website to register for your stimulus payment if:
- You receive SSI, did not file a tax return for 2018 or 2019, and are not claimed as a dependent on another person’s tax return;
- You are a new beneficiary of Social Security since January 2020 and did not file a tax return for 2018 or 2019; or
- You receive Social Security Retirement, Survivors, or Disability insurance benefits and have qualifying child(ren) under age 17. You will receive your $1,200 payment automatically but will need to register to receive the additional payment for your dependent child(ren).
It is important to note that for those who receive SSI, the stimulus payment will not be counted as income in the month received or as a countable asset for the following 12 months in determining continued SSI eligibility.
For more information about the economic impact payments in general, please visit the following website: https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments©2020. This material is intended to offer general information to clients and potential clients of the firm, which information is current to the best of our knowledge on the date indicated below. The information is general and should not be treated as specific legal advice applicable to a particular situation. Fletcher Tilton PC assumes no responsibility for any individual’s reliance on the information disseminated unless, of course, that reliance is as a result of the firm’s specific recommendation made to a client as part of our representation of the client. Please note that changes in the law occur and that information contained herein may need to be reverified from time to time to ensure it is still current. This information was last updated April 2020.
