An Update on Economic Impact Payments Relating to Covid -19
In our blog today we wanted to provide an update on the economic impact payments relating to Covid-19 for those individuals who receive benefits from the Social Security Administration.
Per a statement received today from Andrew Saul the Social Security Commissioner the following processes are in place:
The Department of the Treasury announced on April 1 that 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. The IRS will use the information on the Form SSA-1099 to generate $1,200 economic impact payments to Social Security beneficiaries who did not file tax returns in 2018 or 2019. The Treasury, not Social Security, will make automatic payments to Social Security beneficiaries. Beneficiaries will receive these payments by direct deposit or by paper check, just as they would normally receive their Social Security benefits. For updates from the IRS, visit www.irs.gov/coronavirus. Please note the following for for Supplemental Security Income (SSI) Recipients: They are working closely with the Treasury to address outstanding questions about our SSI recipients in an attempt to make the issuance of economic impact payments as quick and efficient as possible.
They realize that people are concerned, and the IRS will provide additional information at www.irs.gov/coronavirus when available. Please note that they will not consider economic impact payments as income for SSI recipients, and that the payments are excluded from resources for 12 months. They will continue to update Social Security’s COVID-19 web page at www.socialsecurity.gov/coronavirus/ as further details become available.
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