Best Accountants in Elizabeth, NJ

No Return Required for Certain Social Security Recipients to Receive COVID-19 Economic Impact Stimulus Payment (Apr. 3, 2020) Social Security and railroad retirements benefit recipients who are not required to file a federal tax return will not have to file in order to receive their COVID-19 economic impact payment. The IRS has updated its frequently asked questions about the COVID-19 economic impact payment to clarify this issue. Eligibility Generally Based on Tax Returns Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child. The payment is phased-out based on income. The phaseout-begins at $75,000 for single individuals, and $150,000 for joint filers. The IRS will generally base the payment amount on: the 2019 tax return for taxpayers who have filed their 2019 return; or the 2018 tax return for taxpayers who have not yet filed their 2019 return. Dependent Payments not Currently Available If the IRS uses the information on the Form SSA-1099 or Form RRB-1099 to the generate an economic impact payment it will not have information regarding dependents. Therefore, these recipients will receive a payment of $1,200 per person, without the additional amount for any dependents at this time.