Wednesday, September 28, 2022

Update On Social Security Stimulus Checks

Must read

Do College Students Adult Dependents Get The Third Stimulus Check

STIMULUS CHECK 4TH UPDATE TODAY DECEMEBER 2021 – Social Security INCREASE

Unlike the first and second rounds of checks, payments for dependents in the third round are not restricted to only children under 17.

According to the IRS website: “Eligible families will get a payment based on all of their qualifying dependents claimed on their return, including older relatives like college students, adults with disabilities, parents and grandparents.”

Now it’s important to note that if you’re a dependent, the check won’t go to you, it’ll go to whoever claims you as a dependent.

In Other News

When Will Veterans Affairs Benefit Recipients Get Third Stimulus Check

The IRS said Tuesday it is still working out when Veterans Affairs benefit recipients will receive their stimulus payments, and the agency said it will make that announcement soon. The current estimate for VA beneficiaries who do not file taxes, is that they could see their stimulus payments arrive by mid-April, according to the IRS.

How Can I Get The Right Amount Of Stimulus Money For My Dependents

The third stimulus check changes the rules and makes dependents of all ages eligible for up to $1,400 each toward the household’s total payment. That includes older adult relatives and college-age children. However, some beneficiaries with dependents will need to file a 2020 tax return to receive the $1,400 per dependent, so that the IRS knows how many dependents you claim.

“People in this group should file a 2020 tax return to be considered for an additional payment for their dependent as quickly as possible,” the IRS said in a March 22 press release.

There are ways you could get more money with the third check and things to know if you had a baby in 2020. There are also tax breaks for anyone caring for children and older adults, and details on whom the IRS counts as an adult to receive their own stimulus check.

For the first stimulus check approved under the CARES Act in March 2020, qualified people with dependents age 16 or younger were eligible for up to $500 per child dependent, but not everyone actually received that extra money. For the second stimulus check, as long as your children were 16 years old or younger, they contributed $600 toward the final total of your household’s second stimulus check.

Recommended Reading: How To Change Your Bank Account For Stimulus Check

Stimulus Checks For Social Security Recipients: Group Pushes Congress For One

For months, millions of Americans have been wondering if they will receive a fourth stimulus check this year.

A seniors advocacy group called the Senior Citizens League is calling on Congress to approve a one-time stimulus check payment to social security recipients.

The advocacy groups Chairman Rick Delaney recently sent letters to Congress asking for one-time $1,400 stimulus payments, according to Yahoo Finance. In the letters, Delaney claimed the organization heard from thousands of seniors asking for relief.

In the latter, Delaney stated, Weve heard from thousands of them who have exhausted their retirement savings, who have started eating just one meal a day, started cutting their pills in half because they cant afford their prescription drugs, to list just a few of the drastic steps so many have had to take because of what inflation has done to them this year.

According to GOBankingRates, Mary Johnson whos a Social Security and Medicare policy analyst at TSCL, said the checks would help with seniors 6% increase in cost of living expected next year.

There are several reasons why a $1,400 stimulus check for Social Security recipients is still greatly needed, Johnson wrote in an email to GOBankingRates.

Though, Delaney acknowledged in his letter that he doubts Congress will vote on any bill initiating the $1,400 stimulus checks this year.

READ MORE:

Information Regarding Economic Impact Payments For Social Security And Ssi Beneficiaries With Representative Payees And People Living In Us Territories

Stimulus update: When will Social Security recipients ...

The Social Security Administration issued an update today about COVID-19 Economic Impact Payments to certain groups of Social Security and Supplemental Security Income beneficiaries. Beneficiaries who have their regular monthly payments managed for them by another person, called a representative payee, will begin receiving their EIPs from the IRS in late May.

Special rules apply to beneficiaries living in the U.S. territories: American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, and the U.S. Virgin Islands. In general, the tax authority in each territory, not the IRS, will pay the EIP to eligible residents based on information the IRS will provide to the territories. It is anticipated that beneficiaries in the territories could begin receiving their EIP in early June.

The Social Security Administration has been working with the IRS to provide the necessary information about Social Security and SSI beneficiaries in order to automate and expedite their Economic Impact Payments, said Andrew Saul, Commissioner of Social Security. While millions of our beneficiaries have already received their EIPs from the IRS, we continue to work hard for those beneficiaries who are awaiting their payment from the IRS.

For additional information about payments to beneficiaries with representative payees, please refer to .

You May Like: Find Out About My Stimulus Check

How To Get The Dependent Payment

To get the dependent payment, you have two options and must meet at least these requirements:

  • You receive Social Security retirement benefits, Supplemental Security Income , disability , survivor benefits, Railroad Retirement benefits or Veterans Affairs Compensation and Pension.
  • You did not file a 2018 or 2019 federal income tax return.
  • You have at least one dependent who is 16-years-old or younger.
  • You have not received a payment of $500 for each dependent.

Stimulus Update: Social Security

While millions of Americans received an Economic Impact Payment through the Cares Act the $2.2 trillion stimulus package that Congress passed in March many seniors with dependent children did not receive a $500 dependent payment. Why? Most seniors who receive Social Security, but who didnt file a 2018 or 2019 federal tax return, should have automatically received a $1,200 stimulus payment. However, if youre a senior with a dependent child 16-years-old and younger, you had to visit the IRS website and use the Non-Filer tool to receive a dependent payment. Plus, you had use the Non-Filer tool prior to April 22 if you wanted the dependent payment included in your first stimulus check. If you didnt do this, you likely did not receive a $500 stimulus payment for each dependent child. So, what can you do to get the $500 payment?

Also Check: Am I Getting A 2nd Stimulus Check

The Senior Citizens League Is Calling On Congress To Approve An Additional Round Of Direct Payments For Senior Citizens To Mitigate The Effects Of Inflation

The third round of stimulus checks saw more than 169 million payments sent out to eligible Americans, and some are pushing for a fourth as inflation continues to bite. The threat of the more contagious covid-19 variant, Omicron, has spooked the markets and created new wave of illness.

In early January the United States surpassed one million covid-19 cases in a single day for the first time, and then went on to beat that record in each of the three following days. With individuals forced to self-isolate after a positive test there is concern that millions could have their livelihood threatened.

The non-partisan advocacy group Senior Citizens League has called on Congress to send those receiving Social Security additional stimulus money. In a letter, TSCL Chairman Rick Delaney implored leaders in Congress to approve a one-off $1,400 Social Security stimulus payment for seniors.

Stimulus Checks For Dependents Va Beneficiaries

$2,500 Sign it! Stimulus Check Update | Social Security | SSI & SSDI

Payments to Department of Veterans Affairs beneficiaries who dont normally file taxes and who didnt use the IRS online Non-Filers tool last year started going out April 9, with a payable date of April 14. The batch of 2 million stimulus payments, worth more than $3.4 million, also went to eligible people who had not filed a tax return until this year and didnt use the IRS Non-Filers Tool last year. Some of these payments were what the IRS calls plus-up payments to those who got stimulus payments based on their 2019 returns and then filed 2020 returns.

The third round of stimulus checks, authorized by the American Rescue Plan Act, provides a maximum of $1,400 to eligible individuals, $2,800 to couples and $1,400 to dependents. Unlike the previous two rounds, theres no age limit on stimulus checks for dependents, so its possible to get a check for a dependent college-age student or an aged parent. Because dependents are claimed on tax returns, the IRS can use that information to send out stimulus payments for dependents to tax filers.

People who do not file tax returns currently, however, have no mechanism for reporting their dependents to the IRS in order to get a third-round dependent payment. Thus, the IRS recommends that all nonfilers with dependents, including many federal beneficiaries, file a 2020 tax return in order to get their stimulus payments for dependents. The deadline for filing a 2020 tax return has been extended to May 17.

Also of Interest

Also Check: When Were Stimulus Checks Sent Out

How Will I Be Receiving My Third Stimulus Check

If you didn’t submit a 2019 or 2020 tax return or used the Non-Filers tool in 2020 and you receive your monthly Social Security benefits by Direct Express card, it’s likely your third payment will be added to your Direct Express card, according to the Social Security Administration and this informational PDF from Direct Express. Note that you’ll receive one free withdrawal in addition to your usual free monthly withdrawal for monthly benefits.

For the first two 2020 stimulus payments, most SSI and SSDI recipients received them through a non-Direct Express bank account or as a paper check if they didn’t have current bank account information on file with the IRS. The IRS said SSI and SSDI recipients should have gotten their latest round of stimulus money the same way they received their earlier payments, including Direct Express for some.

Which Federal Beneficiaries Are Included

Many federal beneficiaries who filed 2019 or 2020 returns or used the online Non-Filers tool last year were issued Economic Impact Payments, if eligible, during the past three weeks, the IRS said.

The latest update applies to Social Security, Supplemental Security Income, and Railroad Retirement Board beneficiaries who didnt file a 2019 or 2020 tax return or didnt use the Non-Filers tool.

IRS tax deadline:Retirement and health contributions extended to May 17, but estimated payments still due April 15

Read Also: Green Dot Stimulus Check 2021

Stimulus Check Live Updates: Latest On Fourth Stimulus Check Plans Plus

On our live blog this Tuesday January 4, we bring you all the latest updates and information on the financial aid that is set to be distributed across the USA in 2022, from a possible Fourth Stimulus Check to Unemployment Benefits to Plus-Up Payments to Medicare Benefits to COLA 2022 increases and much more.

    Afourth stimulus check has been called for by many in the the United States, given the rise in COVID-19 infections, but, even if this isn’t looking likely, there are still financial packages available via a series of programs. The stimulus checks from the federal government may have ended, but state governments have introduced a number of incentives for financial support, and our live blog this Tuesday, January 4, 2022, outlines our articles and guides on how to claim it. We explain what help has been available since 2021 and what to look out for now that we’re into 2022.

    The virus, and the measures imposed on the back of it, continues to cause economic issues across the US and the rest of the world, leading governments to offer financial payments that assist individuals and families in difficult times. There are some new stimulus checks, such as the 6,300 dollar check to students in Atlanta, while we outline below the other benefits, as well as the upcoming changes to COLA and Medicare.

    Rd Stimulus Check For Seniors On Social Security

    STIMULUS CHECK UPDATE: Social Security Beneficiaries

    The $ 1.9 trillion coronavirus assistance plan includes a third round of $ 1,400 stimulus payments, adding to the $ 600 check already approved by congress in december 2020, and adding to $ 2,000. Millions of seniors who didn’t file a 2019 or 2020 tax return have already started receiving their third stimulus checks.

    Stimulus checks and seniors regulations for retirees

    Also Check: Are Americans Getting Another Stimulus Check

    Am I Eligible For The Third Stimulus Check

    The American Rescue Plan provides households with $1,400 for each adult, child and adult dependent, such as college students or elderly relatives.

    The payments start declining for an individual once adjusted gross income exceeds $75,000 and go to zero once income hits $80,000. The payment starts declining for married couples when income exceeds $150,000 and goes to zero at $160,000.

    A qualifying family of four would receive $5,600.

    Will My Stimulus Check Arrive As An Eip Card

    The IRS projects that 5 million stimulus payments will be made by Economic Impact Payment debit card, but checks going out to Social Security recipients won’t take the form of an EIP card. According to the SSA support website: “The IRS does not plan to issue prepaid debit cards to beneficiaries for this third round of EIPs … The Social Security Administration does not administer the EIP debit card program, and did not decide who received an EIP debit card instead of a paper check.”

    Recommended Reading: Are We Getting A 2000 Stimulus

    Will Social Security Recipients Get A 4th Stimulus Check

    While it is unlikely that the general public will get a fourth stimulus check, an influential, non-partisan group that lobbies on behalf of senior citizens is trying to persuade Congress to send a $1,400 check to Social Security recipients so they can battle inflation.Jenny Kane | AP Photo

    While it is unlikely that the general public will get a fourth stimulus check, an influential, non-partisan group that lobbies on behalf of senior citizens is trying to persuade Congress to send a $1,400 check to Social Security recipients so they can battle inflation.

    The Senior Citizens League sent a letter to members of Congress in the House and Senate, urging them to consider a targeted stimulus towards senior citizens.

    Weve heard from thousands of them who have exhausted their retirement savings, who have started eating just one meal a day, started cutting their pills in half because they cant afford their prescription drugs, to list just a few of the drastic steps so many have had to take because of what inflation has done to them this year, the letter reads. Many have written to us that our government has forgotten about us.

    RELATED: Join our free virtual event to learn about navigating Medicare in 2022

    In 2022, Social Security checks will have one of the largest cost-of-living adjustments in years, with increases of more than 6%.

    This could also lead to surcharges for their Medicare Part B premiums, according to Fortune.

    Is It True That Stimulus Funds In 2022 Will Exclusively Be Sent To Social Security Recipients

    COMING IN 7 DAYS! NEW PAYMENTS! Fourth Stimulus CHECK Update Social Security Raise

    The much-touted Build Back Better Act has run into opposition from Democrat Sen. Joe Manchin, who has refused to support it. Although the BBB legislation provided some assistance for the elderly, there is still no sign of a stimulus package. There have been proposals to increase Medicare provisions so that the government has more negotiating leverage with pharmaceutical firms when it comes to prescription costs. Sen. Joe Manchin, a Democrat, has called the BBB act medication that would exacerbate the exact illness it is intended to prevent. The economy would be sent into a spiral if the bill is blamed for causing inflation.

    You May Like: How To Check On My Stimulus

    ‘payment Status Not Available’

    If you are getting “Payment Status Not Available” from the IRS stimulus check tracker — don’t be alarmed.

    According to the IRS, if you receive that message it can mean one of three things:

    • You are not eligible for the payment.
    • The payment has yet to be processed
    • The IRS doesn’t have enough information to issue the payment to you

    The agency said it will continue to issue the 2021 Economic Impact Payments throughout 2021.

    A Push For More Stimulus

    To help those on Social Security get through, TSCL is not only calling on Washington for help, but they’re asking the public to add their names to a public petition. The petition reads:

    I want Social Security recipients to receive a $1,400 emergency stimulus check to cope during this unprecedented inflationary year. Social Security benefits are one of the few types of income in retirement adjusted for inflation. But soaring inflation has taken a toll on household finances of retired and disabled Social Security recipients. In 2021, Social Security benefits increased by just 1.3%, raising the average benefit by only about $20 a month. But about 86% of Social Security recipients surveyed say their expenses increased by much more than that amount.

    As one of the many supporters of TSCL who reside in your constituency, I strongly urge you that now is the time that you must support an emergency $1,400 stimulus check to Social Security recipients.”

    Given the fight currently raging over President Joe Biden’s Build Back Better plan and what’s going to happen to the debt ceiling, no one expects Congress to approve a fourth round of stimulus checks for senior citizens this year. Still, the hope is that as public sentiment grows, Congress will take notice and address the issue next year.

    Read Also: Whos Getting A Second Stimulus Check

    More articles

    Popular Articles