The COVID-19 pandemic has turned every community on its head as the world grapples with containing the virus and maintaining everyone’s safety. While state and national leaders were slow to react to the pandemic, Congress finally provided some means to help those suffering from the devastating effects of the economic collapse brought on by the pandemic. One way the U.S. government is helping is by issuing residents an “Economic Impact Payment” of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
- $75,000 for individuals
- $112,500 for head of household filers and
- $150,000 for married couples filing joint returns
A frequent question I have received since this program was announced is whether Social Security or SSI recipients would receive an Economic Impact Payment. Fortunately, the answer is “yes.” Also, unlike earlier reports, it appears that Social Security beneficiaries who usually are not required to file tax returns will not need to file any sort of tax return to receive this payment. The IRS will use the SSA-1099 information already on file to generate payments to eligible beneficiaries. The money will be issued not by the Social Security Administration, but by the Department of Treasury.
For helpful information about the interplay between Social Security benefits, the Economic Impact Payments, and Social Security operations during this pandemic, look at Social Security’s website at http://www.ssa.gov/coronavirus.
While all of us at Smith, Wallis & Scott, LLP, are working remotely at the time, we remain open for business, are accepting new cases, and continue to prosecute claims for all of our Social Security, workers’ compensation and personal injury clients. Please call us with your questions and stay safe!