Coronavirus stimulus cash payouts

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The growing panic expressed over pandemic-related stimulus money doesn't seem to take into account that all the money was never set to be paid out at once. 

So just because your neighbor saw a stimulus payout via direct deposit last week, it doesn't mean that you won't see some money soon.

More than half of the people who qualify to receive recovery rebates or stimulus checks have yet to receive any stimulus cash and many will start seeing their money this week or later.

Some seniors who receive Social Security retirement benefits via direct deposit are expected to see that money associated with the Economic Impact Payments hit their accounts sometime this week, possibly next.

What's important to note: Some receiving Social Security benefits will receive their payments as a direct deposit or by mail, just as they would normally receive their benefits. This applies if you receive an SSA-1099 or RRB-1099 and do not make enough money during the year to normally have to file a tax return. 

About 25 million to 30 million Social Security beneficiaries and recipients of Supplemental Security Income typically are not required to file federal income tax returns. As a result, they're likely to be in the next rounds of payments. 

As more people see stimulus cash – up to $1,200 for individuals and up to $2,400 for a couple – many worries will go away.

However, the headaches and confusion aren't vanishing for everyone.

Various situations in your own life could mean that you'd need to wait a few more weeks or even months to see a direct deposit of money into a bank account, onto a prepaid card or see a stimulus payment payment arrive in the mail. 

Here's a look at a few specific situations: 

Veterans will be waiting a bit longer

We don't know yet when some veterans will receive the stimulus payments. But the IRS, working with the Treasury Department and the Department of Veterans Affairs, reached a solution that will enable some automatic payments.

The IRS said veterans and their beneficiaries who receive compensation and pension benefit payments will receive a $1,200 Economic Impact Payment without needing to file extra forms.

"Timing on the payments is still being determined," the IRS said April 17. 

"Since many VA recipients typically aren't required to file tax returns, the IRS had to work with these other government agencies to determine a way to quickly and accurately deliver Economic Impact Payments to this group," said IRS Commissioner Chuck Rettig.

Rettig noted in a statement that additional programming work remains.

If someone receiving VA benefits has young children, though, an extra step could be necessary to receive an extra $500 per qualifying child under age 17.

For taxpayers who filed tax returns in 2018 or 2019, the child payments will be automatic. If the benefit recipients typically aren't required to file a tax return and they have children who qualify, though, they would need to register at "Non-Filers: Enter Payment Info" available only on IRS.gov.

https://www.yahoo.com/finance/news/coronavirus-stimulus-cash-payouts-seniors-040105063.html

 

 

As usual the check is in the mail.