Coronavirus Recovery Relief

[Caribbean Cool]

Hi Gracielle, I'm referring to the monthly social security check, not the relief check. I can't see where the monthly check should be impacted by this relief check situation.

Seems you guys have bad info. Social Security recipients get the full benefit....$1200. As long as SS has your current information-like direct deposit-you will wake up one morning and will have the $1200 in your account. There is nothing to file.

 

[Caribbean Cool]

Read this thread for the answers to your questions....

US recipients of SS payments

Per Washington Post article of 1 April, in order to obtain the relief check as authorized by the US Congress and signed by the President, Social Security recipients must file a tax return, regardless of whether or not their income is under the minimum for required filing. No tax filing, no...

baexpats.org

No No No

 

[gracielle]

Seems you guys have bad info. Social Security recipients get the full benefit....$1200. As long as SS has your current information-like direct deposit-you will wake up one morning and will have the $1200 in your account. There is nothing to file.

I believe your are mistaken. Not ALL SS recipients will receive the full benefit, if any, as it is based on the ADJUSTED gross income of the individual based on their 2019 IRS filing.

 

[gracielle]

Seems you guys have bad info. Social Security recipients get the full benefit....$1200. As long as SS has your current information-like direct deposit-you will wake up one morning and will have the $1200 in your account. There is nothing to file.

See today's post by toast....US recipients of SS payments....
Per the IRS link courtesy of Gracielle " However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Please do not call the IRS about this. When more specific details become available, we will update this page." So they don't know at this time if you file a 1040-SR, as they have not locked in what will apply.

 

[Bajo_cero2]

Not sure how many BAE members file US taxes, but this is a timely piece about how to receive substantial Coronavirus Relief - US Expats included.

Breaking News: The CARES Act Provides US Expats with Coronavirus Recovery Rebate

Congress has passed the CARES (Coronavirus Aid, Relief and Economic Security Act) Act, which provide Recovery Rebate payments for US expats globally.

brighttax.com

US Expats Eligible For Coronavirus Recovery Rebate
Under the CARES Act due to be passed later today, Americans living abroad are eligible to receive the Recovery Rebate alongside Americans in the US. The Coronavirus Aid, Relief and Economic Security Act passed the Senate by...
Friday, March 27th 2020, 7:55 PM EDT

Under the CARES Act due to be passed later today, Americans living abroad are eligible to receive the Recovery Rebate alongside Americans in the US.
The Coronavirus Aid, Relief and Economic Security Act passed the Senate by 96-0 on Wednesday after negotiations between the Republicans and Democrats over the details.

Among other measures, CARES provides a Recovery Rebate to help Americans struggling financially due to the Coronavirus outbreak.
https://www.wrcbtv.com/story/41947962/breaking-us-expats-eligible-for-coronavirus-recovery-rebate#
The rebate is worth $1,200 per adult (so $2,400 for a couple), and $500 per dependent child under 17 years old.
To qualify, expats have to have a US social security number, and file US taxes.

The US tax system requires all Americans to file US taxes, reporting their worldwide income, whether they live in the States or abroad. When expats file, they can claim measures such as the Foreign Tax Credit and the Foreign Earned Income Exclusion that mean that most don’t end up owing any US tax, although they always have to file.

The Recovery Rebate is available for all Americans, including expats, who earn up to $75,000 (or $150,000 for married couples). The rebate slowly phases out for Americans who earn over these amounts.

Monte Silver, the world-renowned US expat advocate and international tax attorney, said: “For decades, each tax reform has resulted in Americans abroad getting hit by one tax and disclosure law after another. While all are intended to prevent abuse by multinational corporations and tax cheats, these laws have had drastic effects on the expat community. Now, for the first time in decades, the U.S. government has paid attention to expats, acknowledging that we too were suffering in this crisis and deserve relief.”

Is the US becoming socialist?

 

[Caribbean Cool]

See today's post by toast....US recipients of SS payments....
Per the IRS link courtesy of Gracielle " However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Please do not call the IRS about this. When more specific details become available, we will update this page." So they don't know at this time if you file a 1040-SR, as they have not locked in what will apply.

Treasury backs off requirement that Social Security recipients, others take extra step to get $1,200 checks

Yahoo

 

[gracielle]

Economic impact payments: What you need to know | Internal Revenue Service

IR-2020-61, March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Updated with new information for...

www.irs.gov

Updated with new information for seniors, retirees on April 1, 2020. Also see Treasury news release.

Check IRS.gov for the latest information: No action needed by most people at this time
IR-2020-61, March 30, 2020

WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the economic impact payment.

Who is eligible for the economic impact payment?
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

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.

How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?
Yes. 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 2019 or 2019. This includes senior citizens, Social Security recipients and railroad retirees who are not otherwise required to file a tax return.

Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.

I have a tax filing obligation but have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.

I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

Where can I get more information?
The IRS will post all key information on IRS.gov/coronavirus as soon as it becomes available.

 

[Johnny]

My monthly SSI check was deposited today. So, no worries about that.

 

[jantango]

I believe Jantango and Johnny are posting about their regular monthly Social Security payments.

I checked my account today and found that the SS benefit was deposited into my account on March 31, after I posted to the forum. I'm relieved that the SSA is working for us.

 

[Rich One]

I checked my account today and found that the SS benefit was deposited into my account on March 31, after I posted to the forum. I'm relieved that the SSA is working for us.

You are lucky some normally receive the deposit on the 3rd, of the month. For B of A it takes one or 2 days to clear the check for the money to become available . ?