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The Stimulus and Retirees Who Do Not File Taxes

The Stimulus and Retirees Who Do Not File Taxes

April 02, 2020
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Retired - Don't have to file income taxes?

All Social Security Payees Automatically Receive Stimulus

If you receive Social Security and are not required to file a tax return you may be concerned about receiving your stimulus payment. According to an IRS press release dated April 1st, 2020; Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.

“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin.

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

DISCLAIMER: The views expressed herein are exclusively those of Robert Taylor and do not reflect the policy or position of GVCA.  The content is not meant as investment advice and are subject to change. No part of this report may be reproduced in any manner without the express written permission of Robert Taylor. Information contained herein is derived from sources we believe to be reliable, however, we do not represent that this information is complete or accurate and it should not be relied upon as such. All opinions expressed herein are subject to change without notice. This information is prepared for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. You should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. You should note that security values may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not a guide to future performance.

CITATIONS:
1. IRS.gov, April 1, 2020
2. US Treasury.gov, April 1, 2020