Social Security Report

Most but not all Social Security recipients to get automatic stimulus deposits

Most recipients of Social Security benefits need do nothing to get a $1,200 stimulus payment directly deposited into their accounts, assuming they otherwise are within the income guidelines.  Deposits began hitting accounts this past weekend.  However, the following three groups should visit the web page of the Internal Revenue Service.

• Social Security beneficiaries (including retirement, survivors, and SSDI) who have dependent children under 17 and haven’t filed tax returns in 2018 or 2019.
• Supplemental Security Income (SSI) recipients, especially those with qualifying dependents.
• New Social Security beneficiaries in 2020 who haven’t filed tax returns in 2018 or 2019, regardless of whether they have dependents.

For those that fit into one of the above three categories, Matthew Frankel of The Motley Fool notes it is in their financial best interest to visit the IRS Economic Impact Payments page and provide their information as soon as possible.  Read his full piece here.

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