2 Situations When Social Security Beneficiaries Need to Update the IRS to Get Stimulus Checks
By now, you've probably heard that the Internal Revenue Service is distributing coronavirus stimulus checks valued at up to $1,200 per person, $2,400 per couple, and $500 per dependent child. The amount you'll get is based on your income, with single filers earning more than $75,000 and married filers with incomes above $150,000 seeing payments reduced by $5 for each $100 above those income limits.
The IRS needs to know your income to determine eligibility and the amount of your check, and they'll be using 2018 or 2019 tax returns to determine it. Many Social Security beneficiaries don't file those returns, but the IRS announced it will use information from Social Security to provide stimulus payments to recipients without returns on file. This applies to people receiving retirement benefits, disability benefits, and supplemental security income.
But for some beneficiaries, relying on the IRS to get your info from Social Security won't be sufficient. In fact, there are two situations where you'll need to provide the IRS with more information by either filing a return or using the simple form created for non-filers.
Source Fool.com
