Recently, the U.S. Treasury Department announced that stimulus checks would begin to be delivered to those eligible starting the week of April 13, 2020. For most Social Security beneficiaries who are not typically required to file a tax return, this money should be automatically sent the same way you normally receive your Social Security benefits. However, there are some caveats to this which—with some quick action—can maximize the benefit you will receive from the government. These changes may benefit you even if you have already received your stimulus check.
You Can Provide Payment Information via an Online Portal
The Treasury has launched a web portal that allows people who do not normally file a tax return to register and provide payment account information for their checks. However, you do not need to do this if you haven’t filed a tax return in several years. There is an option on the IRS website called the Non-Filer Tool which will allow Social Security recipients to enter their information.
These Groups Should Consider Updating Payment Information:
- Social Security recipients with dependent(s) children under age 17. Since you haven't filed a return for some time, the IRS won’t be aware of the dependents you have, and each dependent increases your stimulus check by $500.
- All Supplemental Security Income (SSI) recipients, especially if you have dependents as mentioned above. Retirement, Survivors, and Disability Insurance (SSDI) recipients will likely not need to take any action unless they have dependents the Administration is not aware of.
- Any person who started receiving their benefits after January 1, 2020, and also did not file any type of tax return in 2018 and 2019 will need to use the link above to provide their payment information, even if they have no dependents.
As always, all of us here at Keller & Keller, LLP can help you navigate complexities with ease and confidence. Follow these steps and make sure to maximize the benefit you deserve.
