The $2 trillion coronavirus stimulus bill, signed into law on March 27, is the largest emergency aid package in U.S. history. Known as the CARES Act, it will send money directly to tens of millions of Americans affected by the coronavirus.
If you’ve already filed your 2019 taxes, the IRS will use those returns to determine your payment. If not, your 2018 returns will be used to calculate your check. Individuals with an adjusted gross income of $75,000 or less will be eligible for a one-time payment of up to $1,200 ($2,400 for joint tax returns) and $500 for each qualifying child. Those with little or no tax liability also will get $1,200 ($2,400 for joint returns).
If you receive Social Security benefits for retirement, disability or Supplemental Security Income, you are eligible to receive a stimulus check as long as you do not exceed the income limits. “If someone did not file a return for 2018 or 2019, they could still receive a check if they received Social Security retirement or disability benefits in 2019,” said one tax expert.
On April 1, the Treasury Department and IRS 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.”
According to the Treasury, “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.”
“Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account,” said Treasury Secretary Steven T. Mnuchin.
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.
Please also note that the IRS has a reduced staff in many of its offices but remains committed to helping eligible individuals receive their payments expeditiously. You can check for updated information on IRS.gov/coronavirus rather than calling IRS assistors who are helping process 2019 returns.
If you have a serious, long-term health condition that will make you unable to work for over 12 months, contact us today to see if applying for disability is right for you.
Sources: https://www.cnbc.com/2020/04/01/whos-eligible-for-covid-19-stimulus-checks-your-questions-answered.html ; https://www.washingtonpost.com/business/2020/04/01/bailout-checks-social-security/ ; https://www.usatoday.com/story/news/politics/2020/04/01/coronavirus-stimulus-how-get-1-200-check-if-you-dont-file-taxes/5102819002/
By: Joyce Trudeau of Premier Disability Services, LLC®