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Hey guys it's ramy and welcome to another video.... in this one I wanna answer some of the questions I got about people who receive social security benefits, SSI, SSDI and others plus give a couple of lates updates to the IRS stimulus check. I'll try to cover as much information about those things here right now and if you have further questions after that put them for me in the comments below.
now let me try to clear up some of the confusion that was going on around for those of you who receive social security benefits.... first lets talk about the timeline.... this is according to the House Ways and Means Committee...... starting mid-April (likely the week of April 13) the IRS is expected to make approximately 60 million payments to Americans through direct deposit for people who used direct deposit on their 2018 or 2019 tax returns. This WILL INCLUDE Social Security beneficiaries who filed federal tax returns that included direct deposit information.Shortly after that (hopefully within 10 days) after the first round of payments are made in mid-April, the IRS plans to make a second round of payments. These payments will be made to Social Security beneficiaries who DID NOT file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit. The estimates are that nearly 99 percent of Social Security beneficiaries who do not file a return receive their benefits through direct deposit.
Another point of confusion was about those who receive SSI so everything I mentioned so far was for those who receive social security whether it's social security retirement benefits or disability. SSDI. and here's what it says on the IRS website Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they 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. Social Security Disability Insurance (SSDI) recipients are also part of this group who don't need to take action. There's also this part where it says For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child. no mention on what this additional step is.
Now back to those on SSI. as of now we don't know yet what to do. the IRS website says.There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. The IRS will soon provide guidance for these individuals on the steps to take to get their payment as soon as possible.
Also if you go to the social security website this what they have to say. SSI recipients are eligible to receive the economic impact payment. We are working closely with Treasury to address outstanding questions about our SSI recipients in an attempt to make the issuance of economic impact payments as quick and efficient as possible. We realize people are concerned, and the IRS will provide additional information when available.
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