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Update: Stimulus Payments and Social Security

The IRS has announced that Social Security recipients will automatically receive economic impact payments. Those receiving Social Security benefits who don’t typically file a tax return will not need to file an abbreviated (simple) tax return to receive their stimulus payment. The IRS will use information from Forms SSA-1099 and RRB-1099 to generate payments for these individuals. The payment will be sent as a direct deposit or check, however they normally receive their benefits.

From the news release: “We want to ensure that our senior citizens, individuals with disabilities, and low-income Americans receive Economic Impact Payments quickly and without undue burden,” said Secretary Steven T. Mnuchin. “Social Security recipients who are not typically required to file a tax return need to take no action.”

IMPORTANT: Based on the latest information we have, the IRS still plans to offer an online portal for the purpose of collecting deposit information from taxpayers who haven’t provided it on their 2018 or 2019 tax return. Providing account information is not required to receive a stimulus payment. Checks will be mailed if deposit information is not available. At this time, we haven’t received guidance regarding low-income taxpayers who are not required to file a return and don’t receive Social Security benefits. Our best advice at this time is to wait for further information.

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