Social Security beneficiaries who are not typically required to file tax returns
will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to recipients of benefits reflected in the Form SSA-1099 or Form RRB-1099 who are not required to file a tax return and did not file a return for 2018 or 2019.
This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.
There are some Taxpayers, US Citizens or Resident Aliens (Green Card), who typically do not need to file an income tax return or have not filed an income tax return in the previous two years. (Not including SSN recipients as your situation is mentioned above)
To receive your Payment you will need to submit your information to the IRS. There are some rules and steps to follow:
What if my income for 2020 is less than 2018 or 2019?
Will I get more money?
The Economic Impact Payment is based on your 2019 or 2018 AGI. Some of you may receive very little to $0 payment even though you may have lost your job or had your hours drastically reduced.
However do not worry, although you may not receive the payment now,
the credit will be reconciled on the 2020 return so you will receive a higher credit on your 2020 return based on reduced AGI for 2020. You still get the difference as a credit on your 2020 return. To put it simply, you will owe less tax.
Where is my Economic Impact Payment?
According to the IRS, roughly 88 million people received their stimulus payments last week and around 60 million people are still waiting. Here are five reasons why someone would not have received their money yet:
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They did not file federal tax returns for 2018 or 2019.
- They did not get a federal tax refund in 2018 or 2019.
- Their refund went to an old bank account.
- They filed a paper return for 2019.
- Did they get a bank product?
The IRS will give you information about: Your payment status, Your payment type, Whether IRS need more information from you, including bank account information.
Go to IRS Official Gov website and click "Get My Payment"
Instructions for the steps to check your payment status, click here