SS Recipients Must Give Banking Info to IRS for Electronic Stimulus Payment
The guidance on stimulus payments for Social Security beneficiaries has been a bit fluid over the last couple of weeks, leaving many with the impression that the IRS would be using their Social Security bank deposit information to provide the COVID-10 payment electronically. It turns out that now, although SSA 1099s will be used to determine eligibility for non-filers, the IRS is saying that in order to make an electronic stimulus payment they need you to separately provide them with your bank routing information to get an electronic payment. In other words, if you don’t provide them with your bank routing information, the stimulus payment for Social Security recipients will come in the form of a mailed check, not electronically, and that will probably take many weeks. This Forbes article by contributor Bart Astor explains.
Editor’s Note: Information about coronavirus stimulus payments seems to change almost daily. The latest information about the stimulus payments can always be found at www.irs.gov/coronavirus/economic-impact-payment-information-center.
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