Social Security Recipients Will Now Automatically Receive $1,200 Stimulus Payments
If you’re a Social Security beneficiary, the stimulus payment will be automatically deposited into your bank account
The U.S. Department of the Treasury and the Internal Revenue Service announced late Wednesday that Social Security beneficiaries who are not typically required to file tax returns now will not need to file an abbreviated tax return to receive the stimulus payments. If you’re a Social Security beneficiary, your stimulus payment will be automatically paid to you through whatever means you use to receive your benefits.
“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin yesterday.
The announcement came only two days after the Internal Revenue Service released stimulus payment guidance that suggested that everyone would need to file some sort of tax return in order to receive the stimulus payments. The IRS was subsequently criticized for not eliminating as many hurdles as possible for Social Security beneficiaries to get this additional financial aid, and that filing is not needed since the government already has their information on file.
The Treasury Department and the Internal Revenue Service will begin the distribution of economic impact payments in the next three weeks, as the Trump administration tries to rapidly get stimulus payments out to Americans in the face of the devastating impact of the coronavirus outbreak on the American economy. Moving forward, the IRS will use the information on Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments, also known as $1,200 stimulus checks to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments the same way they receive their benefits, such as a direct deposit or paper check in the mail.