Who is Eligible?
Most people who receive Social Security Benefits will be eligible to receive the $1,200.00 Economic Impact Payment as part of the CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT. That means that persons receiving Social Security Disability Insurance benefits (SSDIB), Supplemental Security Income (SSI) benefits, and even people receiving Social Security Retirement benefits may be eligible to receive a direct deposit or check from the United States Treasury Department.
Economic Impact Payments will be made through the Internal Revenue Service (irs.gov). Do not contact the Social Security Administration with questions about economic impact payments. The Social Security Administration has enough extra work trying to process claims, take applications, etc., online and by telephone, without allowing persons to come into the field offices, which are all closed to the public because of the COVID-19 Pandemic.
Persons receiving Social Security Disability Insurance Benefits or Social Security Retirement Benefits will be eligible to receive $1,200.00 as long as their total adjusted gross income under a certain limit. If all the income you have is your Social Security disability or retirement benefit, you do not need to worry about the other qualifications.
If you have other investment income, you should know that you are still eligible for payments if your adjusted gross income is $75,000.00 or less for individuals or $150,000.00 or less for married couples filing joint returns. The payments will be reduced from $1,200.00 by $5 for each $100 above the $75,000.00/$150,000.00 limits. Once an individual’s adjusted gross income exceeds $99,000.00, or a married couple’s adjusted gross income exceeds $198,000.00, they will not be eligible for any Economic Impact Payment.
People who receive Supplemental Security Income will be eligible for the full $1,200.00 payment.
How Do You Receive Your Payment?
There has been a lot of confusion about how the IRS will get your payment to you. Some of the information initially said that you must file a tax return for 2018 or 2019 in order to receive the Economic Impact Statements. For a few days, even the IRS was saying that a “simple tax return” would be required.