Are you looking for information on the latest stimulus package and how it may impact Social Security beneficiaries, including those receiving Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and those with low income? If so, you’re in the right place!
As you may know, the American Rescue Plan Act of 2021 was signed into law on March 11, 2021 and includes provisions for a third round of stimulus payments, also known as Economic Impact Payments (EIPs). These payments are intended to provide financial relief to individuals and families affected by the ongoing COVID-19 pandemic.
Here’s what you need to know about the latest stimulus payments:
- Eligibility: To be eligible for the third round of stimulus payments, you must have a Social Security number, be a U.S. citizen or resident alien, and meet certain income requirements. If you have a low income and receive SSI, SSDI, or other government benefits, you should still be eligible to receive a payment. However, if you are a dependent of someone else (such as a child or elderly parent), you may not be eligible for a payment unless you have a valid Social Security number and meet certain other requirements.
- Amount: The amount of your stimulus payment will depend on your income and filing status. Single filers with an adjusted gross income (AGI) of up to $75,000 will receive a payment of $1,400. Married couples filing jointly with an AGI of up to $150,000 will receive a payment of $2,800. Additionally, you may receive an additional $1,400 for each dependent claimed on your tax return, up to a maximum of three dependents. The payment amount begins to phase out for those with higher incomes, so it’s important to check the IRS’s eligibility calculator to see if you qualify and for how much.
- How to receive: If you are eligible and did not receive your payment automatically (for example, if you received your last stimulus payment by check or direct deposit), you may need to claim your payment using the IRS’s Non-Filers tool. This tool is available to those who do not normally file a tax return and need to provide the IRS with their information in order to receive a payment. If you are not eligible to use the Non-Filers tool, you may need to claim your payment as a Recovery Rebate Credit on your tax return for the 2020 tax year.
- Timing: The IRS has stated that it aims to send out the majority of stimulus payments within the next few weeks. However, due to the high volume of payments being processed, it may take longer for some individuals to receive their payment. If you do not receive your payment within the next few weeks, you can check the status of your payment using the IRS’s Get My Payment tool or by contacting the IRS directly.
We hope this information is helpful and provides some clarity on the latest stimulus payments and how they may impact those receiving SSI, SSDI, and other government benefits. If you have any further questions, please don’t hesitate to reach out.