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EIP to SS Recipients

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Level 11

Has anyone seen a pattern on how these are scheduled?  I thought they would all be deposited directly on April 29, but apparently many people (who filed returns for 2018 and 2019, but owed tax) have not received them.  The clients who have nothing better to do than worry about this and contact me because I know everything about it, seem to be the ones who you would think need the money the least.  For example, AGI's in the $120K to $150K range.  

Are these maybe being paid out to lower incomes first, as they plan to do with paper checks?  I think the people I have heard from, are mostly single with AGI less than $75K -- in some cases, far less.  

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Level 12

Here is a link to a topic that has the distribution schedule cycle for stimulus payments, so now we can stop being asked, "When will I get my payment?"

https://www.fool.com/investing/2020/04/21/heres-precisely-when-youll-get-your-stimulus-check.aspx

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"Level Up" is a gaming function, not a real life function.
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Level 11

That's a good source for paper checks -- Forbes has a better one -- but I'm asking about Social Security recipients, who should be getting direct deposits, right?  

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Level 15

My understanding from the recent IRS new releases is that they plan to start sending out these payments to SSA/RRB recipients after April 22 and to SSI/VA recipients after May 5.

https://www.irs.gov/newsroom/ssa-rrb-recipients-with-eligible-children-need-to-act-by-wednesday-to-q...

https://www.irs.gov/newsroom/va-ssi-recipients-with-eligible-children-need-to-act-by-tuesday-may-5-t...

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Still an AllStar
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Level 15

The only client that has contacted me that met that criteria had their check issued on 4/24.

 


ex-AllStar
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Level 12

I keep referring people to sign up for the e-newsletters. This was in my email Monday, May 4th:

"Issue Number: COVID Tax Tip 2020-50


VA and SSI recipients act now to add eligible children to Economic Impact Payment

 

People who receive Supplemental Security Income and Department of Veterans Affairs benefits who have children need to act by May 5 to quickly receive the full amount of their Economic Impact Payment. Those who need to act are those who receive SSI or VA Compensation and Pension benefits and didn’t file a tax return in 2018 or 2019.

Their $1,200 payments will be issued soon. In order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount will be paid in association with a return filing for tax year 2020."

I know they keep stating "soon," so here:

https://www.irs.gov/newsroom/ssa-rrb-recipients-with-eligible-children-need-to-act-by-wednesday-to-q...

"SSI recipients will receive their automatic payments in early May, and the VA payment schedule for beneficiaries who receive Compensation and Pension (C&P) benefit payments is still being determined."

and:

"WASHINGTON — The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.

Following extensive work by the IRS and other government agencies, $1,200 automatic payments will be starting soon for those receiving Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and Veterans Affairs beneficiaries who didn't file a tax return in the last two years. No action is needed by these groups; they will automatically receive their $1,200 payment.

For those benefit recipients with children who aren't required to file a tax return, an extra step is needed to quickly add $500 per eligible child onto their automatic payment of $1,200.

For people in these groups who have a qualifying child and didn't file a 2018 or 2019 tax return, they have a limited window to register to have $500 per eligible child added automatically to their soon-to-be-received $1,200 Economic Impact Payment. A quick trip to a special non-filer tool on IRS.gov by noon Eastern time, Wednesday, April 22, for some of these groups may help put all of their eligible Economic Income Payment into a single payment."

This page has FAQ added late April and to today, May 6:

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

 

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Level 12

"Forbes has a better one"

Forbes is behind a paywall or a cookie wall, though.

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"Level Up" is a gaming function, not a real life function.
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Level 12

PDF with tables for payment cycles:

https://www.ssa.gov/coronavirus/assets/materials/economic-impact-payments-for-social-security-and-ss...

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"Level Up" is a gaming function, not a real life function.