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Economic Impact Payments: What You Need to Know

2020 – 04-03 It’s no secret that, in coming weeks, the U.S. Treasury Dept. and the IRS will be sending out cash payments to eligible people to ease the economic impact of the coronavirus (COVID-19). Yet, confusion remains. In a press release, the agencies announced that Social Security (SS) beneficiaries (who don’t exceed income limits) qualify automatically for payments, even if they don’t otherwise have to file tax returns. For SS recipients who didn’t file 2018 or 2019 tax returns, the IRS will use information on Form SSA-1099 to distribute up to $1,200 payments in the same way recipients get their monthly SS benefits, either by direct deposit or paper check. Here’s more: https://bit.ly/3dQuaRu

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