Monday, September 26, 2022

When Can Social Security Recipients Expect The Third Stimulus Check

Must read

Stimulus Checks For Ssi Ssdi Recipients: When And How Your $1400 Will Come

When Can Social Security recipients expect the stimulus check?

Here are the new qualification rules for SSI and SSDI recipients and their dependents

  • MANE GRIGORYAN

As the IRS delays the latest tax filing date to May 17, it continues to end out the 1,400 dollar stimulus check to families with a direct deposit on file but this doesnt apply to recipients of Supplemental Security Income or Social Security Disability Insurance benefits. If you are a recipient of either one of the benefits you may not receive your check during the first wave.

The new eligibility criteria that apply to the third wave of stimulus payments could assist you in obtaining a bigger check this time around. If you stopped or started receiving SSI or SSDI in 2019 or 2020, your situation could become complicated now that its tax season.

Some Social Security recipients in urgent need of financial assistance say theyre still waiting for the emergency relief payment.

Also Check: How To Change Your Name With Social Security After Divorce

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.

What Should I Know If Im Not Currently Living In The Us

If youre a Social Security beneficiary with a foreign address whose monthly benefit is deposited in a foreign bank account, you should receive your third stimulus payment through either direct deposit, Direct Express card or a check in the mail, according to the SSA . The IRS began sending out payments to this group through direct deposit and Direct Express card on April 21, and began sending paper checks in the mail for this group on April 23

If you live abroad but receive your monthly benefits through a US bank, you should have received your first two payments by direct deposit to that account. If you still havent gotten your money, it will have to be claimed as part of a tax return. Find out everything you need to know about stimulus checks, citizenship and living abroad here.

Recommended Reading: How Many Stimulus Checks Were There

What If The Irs Sends The Incorrect Amount

The IRS has said that the third stimulus payments will be based on 2020 income. So if you receive a payment before the agency processes last year’s return but you qualify for more money based on your 2020 income, the agency will top off your stimulus payment at some point this year.

Taxpayers won’t have to do anything to get all of the money they are eligible for, except file their 2020 returns. If you qualify for less money in 2020, you will not owe any money back.

Do Ssdi And Ssi Recipients Have To File A Tax Return

Are The $1,400 Stimulus Checks Reaching The Social ...

People who receive monthly SSDI or SSI checks who did not file a tax return in 2018 or 2019 are not required to do anything, including filing a simple tax return, unless they have dependents. For those without minor children or other dependents, the IRS will look at Form SSA-1099 benefit statements to get the information it needs to send out the payments automatically.

Parents who have children under 17 or other dependents, who receive monthly SSDI or SSI checks, and who did not file a tax return in 2018 or 2019, however, might need to file a tax return by May 17, 2021 to claim the “Recovery Rebate Credit” for their minor children or other dependents.

Don’t Miss: How Do You Apply For Stimulus Check

As Inflation Rises Rapidly The Senior Citizens League Is Calling On Congress To Send Those On Social Security A Fourth Stimulus Check Worth $1400

More than 169 million payments have been sent out in the third round of stimulus checks, but groups are continuing to push for a fourth as inflation continues to bite, as well as the dominance of a new covid-19 variant, Omicron, that is scaring markets and creating a burgeoning new wave of illness.

In New York, new covid-19 cases rose 60% in the week that ended on Sunday as the Omicron variant spreads rapidly around the US northeast. New York has set records for the most new cases reported in a single day since the pandemic started for three consecutive days. This has given a boost to the prospect of further stimulus checks as the risk of great economic trouble lies ahead.

One such is, the Senior Citizens League , a non-partisan advocacy group, started a pressure campaign to push Congress to send those receiving Social Security additional stimulus money. In a letter to leaders of Congress, TSCL Chairman Rick Delaney called for a one-off $1,400 Social Security stimulus payment for seniors. Such a measure could help defray the costs associated for some seniors from the 2022 cost-of-living adjustment, which was the highest in 40 years, pushing them into a higher tax bracket.

Child Tax Credit Increased For 2021

For this year only, the child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit. The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger.

The child tax credit has increased from $2,000 per child to $3,000 per child. Parents of children under age 6 would be eligible for an even larger $3,600 total credit.

The plan also includes $3,000 benefits to the parents of 17-year-olds who meet plan qualifications. Previously children had to be 16 or younger. The credit is also fully refundable.

For the standard $2,000 child tax credit, the phase-out starts at $400,000 if filing jointly. According to the relief plan signed earlier this month, the additional credit will phase out for single filers at $75,000 and joint filers at $150,000.

You May Like: How To Get Social Security Number Of Deceased Parent

Read Also: Why Dont I Have My Stimulus Yet

Will The Irs Reload A Prior Pre

Some people who received one or both of their first two stimulus payments on a pre-paid debit card may wonder if the IRS will reload that card with the $1,400 for the latest round of payments. The answer is no, the IRS says.

If the IRS now has bank account information for you, it will send the money via direct deposit. If not, it will either issue a check or a pre-paid debit card, but the latter will come in the form of a new card, the tax agency said.

People should look for a white envelope with the return address “Economic Impact Payment Card” accompanied by a U.S. Treasury Department seal. The card says “Visa” on the front, and the issuing bank, MetaBank, on the back.

Will My Stimulus Check Arrive As An Eip Card

When will Social Security recipients get the third stimulus check?

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.”

Also Check: Latest On 4th Stimulus Check

Million Direct Deposits To Be Made By Wednesday

The IRS is issuing around 17 million direct deposits with an “official pay date” of March 24. It is also mailing around 20 million checks and debit cards in its latest batch of stimulus payments, according to a banking industry official quoted by The Washington Post.

The latest payments began processing on Friday and some people “may see the funds in their accounts earlier, potentially as provisional or pending deposits,” the IRS said Monday.

Those who don’t receive their direct deposit by March 24 are advised to “watch the mail carefully” in coming weeks for either a paper check or a prepaid debit card, as “a large number of this latest batch of payments will also be mailed,” the federal body noted.

Additional stimulus payments are expected to be made “on a weekly basis going forward” and the “vast majority” will receive their funds by direct deposit.

“The IRS and the Bureau of the Fiscal Service leveraged data in their systems to convert many payments to direct deposits that otherwise would have been sent as paper checks or debit cards. This accelerated the disbursement of these payments by weeks,” the federal body said.

To check the status of your stimulus payment, see the Get My Payment tool at the IRS website.

The graphic below, produced by Statista, illustrates the composition of the $1.9 trillion stimulus package.

How Are Americans Using Stimulus Checks

The Federal Reserve Bank of New York says that households are spending a smaller percentage of their stimulus checks and saving more. The that households set aside just under 25% of their third-round payments for consumption. This share fell from just over 29% of first-round payments reported in June 2020 and almost 26% of second-round payments reported in January 2021.

The table below is based on all three SCE surveys and breaks down the average percentage of stimulus payments spent, saved and used to pay off debt:

New York Fed SCE Breakdown of Stimulus Check Spending
Payment Round
37.4%33.7%

The New York Fed also says that households expect to spend an average 13% of the third stimulus check on essential items and an average 8% on non-essential items.

For a comparison, preliminary data collected by the U.S. Census Bureau from shows that the majority of stimulus recipients are almost three times more likely to use checks to pay down debt than add to their savings.

An earlier showed that the majority of recipients who got the first stimulus check spent their payment on household expenses. Adults with incomes between $75,000 and $99,999 told the Census that they would most likely pay off debt or add to their savings. While adults making less than $25,000 said they would use their stimulus to pay for expenses.

For those households that spent their first stimulus checks, the study says:

Also Check: Why Did I Not Receive My Stimulus Check

What Does Need More Information Mean

Others may see a “need more information” message, which the tax agency said means the payment was returned to the IRS because the U.S. Postal Service wasn’t able to deliver the check. In that case, people can use the “Get My Payment” site to provide the IRS with bank information but the tax agency said that only people who get the “need more information” message will be able to add their bank information to the portal.

Irs: Eips For Social Security

The Third Stimulus Check For SSI And SSDI: Making The Cut ...

The IRS has processed most EIPs for Social Security beneficiaries whether they did or did not file a 2019 or 2018 tax return.

The IRS issued electronic EIPs on November 4, 2020 and paper check EIPs on November 6, 2020 to Social Security and SSI recipients who started receiving their monthly benefits on or after January 1, 2020.

Don’t Miss: How Will I Get My Stimulus

Who Are The Next Batch Of Stimulus Checks Going To

The next group of folks to receive their $1,400 stimulus payment will include people receiving Supplemental Security Income , Social Security Disability Insurance , and retired railroad workers. This batch of checks also includes anyone else who doesnt normally file a tax return, like dependents.

The IRS reported that strict steps had to be followed to validate payment and eligibility for this group of Americans. This process is the reason theres been a delay, according to officials.

The IRS announced on March 30 that it will begin to issue economic impact payments this weekend to Social Security and SSI recipients who do not normally file a tax return, a statement reads on the Social Security website. Adding, The majority of EIPs will be paid through direct deposit and to existing Direct Express cards, and should be received on April 7.

Will Social Security Recipients Get A 4th Stimulus Check Petition Calls For $1400 Payments

In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury’s Financial Management services facility in Philadelphia. AP

An influential non-partisan group that lobbies on behalf of senior citizens is continuing to push Congress for a fourth stimulus payment to benefit senior citizens.

The Senior Citizens League recently sent a letter to members of Congress urging them to consider a targeted stimulus designed to benefit Social Security recipients. The group is asking for a $1,400 payment.

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 from TSCL Chairman Rick Delaney said.

A $1,400 stimulus check for Social Security recipients, Delany noted, would be a way to get extra non-taxable income into the hands of senior citizens.

We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next years COLA bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums, he said.

In addition to the letter, the League has launched an online petition to gather signatures to present to Congress. You can see that here.

Also Check: Check The Status Of My Stimulus

The Irs Is Finally Sending Third Stimulus Check Payments For Social Security And Other Federal Beneficiaries Who Didnt File A 2019 Or 2020 Tax Return

Millions of seniors who didnât file a 2019 or 2020 tax return have already started receiving their third stimulus checks. After receiving data from the Social Security Administration in late March, the IRS was able to start processing third stimulus payments for approximately 30 million seniors. These people will generally get their stimulus payment in the same way they get their regular Social Security benefits. Since most of these payments will be paid electronically through direct deposits or to existing Direct Express debit cards, the funds have already been delivered to many of these seniors. For those still waiting, more payments will arrive this week and in the following weeks.

Third stimulus payments are generally based on information found on your 2019 or 2020 tax return. Thatâs why many people who receive Social Security benefits and filed a 2019 or 2020 return, or who used the IRSâs Non-Filers tool last year, received a third stimulus check in March. However, since some Social Security recipients donât file tax returns, the IRS didnât have the necessary information in its computer systems to process third-round stimulus payments for them. Thatâs why the tax agency needed data from the SSA to send out checks to seniors who havenât file a recent tax return.

Getting The Correct Figure Of Your Third Stimulus Check

When Can Social Security recipients expect the 3rd stimulus check 2021?

Certain changes in your qualification for the stimulus payments might get you a bigger payment this time. This is true if you are a member of all families with mixed-citizenship, or if you claim dependents.

If you have missed out on the last two stimulus checks, you can also apply for and get them if you file returns before the May 17 deadline for tax filing. You also need to know regarding a potential fourth payment.

Read Also: How To Change Va Disability Direct Deposit

Read Also: When Will Bb& t Deposit Stimulus Checks

What Happens To Unused Social Security Benefits

Any unused money goes to the Social Security trust funds, not a personal account with your name on it. Many people think of Social Security as just a retirement program. Most of the people receiving benefits are retired, but others receive benefits because theyre: A spouse or child of someone getting benefits.

More Stimulus Payments To Be Issued In Coming Weeks

The IRS issued around 90 million stimulus payments on Wednesday, the majority of which were sent by direct deposit, while 150,000 checks were sent by mail.

“Additional batches and payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card,” the IRS said Wednesday.

To check the status of your stimulus payment, see the Get My Payment tool at the IRS website.

The graphic below, produced by Statista, illustrates the composition of the $1.9 trillion stimulus package.

Recommended Reading: Where Is My Second Stimulus Check

More articles

Popular Articles