Money Talks

Are you waiting for an Economic Impact Payment? Will you have to wait until June? September? April of 2021?

Expert Dr. Nancy Lottridge-Anderson answers your questions (and learns a thing or 2 from our listeners who share their knowledge).

From Social Security:

Please note that we will not consider economic impact payments as income for SSI recipients, and the payments are excluded from resources for 12 months. https://blog.ssa.gov/commissioner-of-social-security-shares-update-about-covid-19-economic-impact-payments-for-beneficiaries/

Supplemental Security Income recipients and low-income veterans who receive pensions from the Department of Veterans Affairs -- and who don't file returns -- can expect to see the money in May. If they have children, they're due an actual $500 per dependent. But they won't get this money until next year unless they give dependent information to the IRS today, May 5th, 2020 at the website https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

For Social Security recipients, who have children under the age of 17, the date has already passed for getting the additional money for dependents. They'll have to file a full return in 2021 to get the additional money.

If you want your check direct deposited and you have had to PAY income tax in 2018 and 2019, you need to go to the Get Your Payment part of the IRS website to put in your Direct Deposit information. Even if the IRS has your bank account information to withdraw your taxes owed it needs you to give it to them again to have your check direct deposited. https://www.irs.gov/coronavirus/get-my-payment

The IRS started by sending money to the people it could reach the fastest. This was anyone who had direct deposit information already on file with the agency because they were due a refund on either their 2018 or 2019 federal tax returns.

Now, payments are being delivered to millions of Social Security recipients who don't file tax returns. They can expect the money to automatically arrive however they normally receive their benefits, whether by a check in the mail or direct deposit to their bank account or debit card.

The IRS began sending paper checks out the last week of April.

The IRS has inadvertently sent checks to dead people. Families are expected to send back those checks.

If the Economic Impact Payment was sent to closed bank account -- the bank will transferred the money back to the IRS. In that case, the payment will likely come later by a check in the mail.

The IRS online tool allows users to input new bank account information -- but only if the agency doesn't already have an account on file from a 2018 or 2019 tax return and hasn't yet processed a stimulus payment. https://www.irs.gov/coronavirus/get-my-payment

Eligibility is largely based on income, and it excludes individuals earning more than $99,000, head of household filers with one child who earn more than $136,500, and married couples without children earning more than $198,000.

Families earning a little more may still be eligible if they have children. The phase-out limit depends on how many children they have. For a typical family of four, the amount is completely phased out for those with incomes exceeding $218,000.

Those who can be claimed as a dependent for tax purposes, like many college students, are also ineligible for the payments, as well as undocumented immigrants who don't have Social Security numbers.

https://amp.cnn.com/cnn/2020/04/29/politics/stimulus-payment-checks-waiting/index.html

https://www.irs.gov/coronavirus/economic-impact-payments

https://www.usatoday.com/story/news/politics/2020/04/29/steve-mnuchin-wants-stimulus-given-dead-people-returned/3046434001/

https://www.fool.com/personal-finance/2020/04/26/6-reasons-your-coronavirus-stimulus-check-may-neve.aspx

Calls:

• economy
• Medicaid
• qualifying for stimulus
• get my payment
• info on stimulus
• SSI
• Medicaid
• money