Seniors don’t have to file tax returns to get stimulus check

YOU probably wonder if you will receive stimulus checks. Me too. Here’s a simplified piece on the Economic Impact Payments for seniors. Please read Q&A Questions and Answers on prior editions of the Asian Journal.

A recent news release from the Internal Revenue Service announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return (as earlier reported) to receive stimulus payments. Instead, payments will be automatically deposited into their bank accounts.

Secretary Steven Mnuchin of the U.S. Department of the Treasury added that Social Security recipients will receive their payment directly to their bank account or by postal mail.

The IRS will use the information on Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they normally receive their benefits.

While a person’s 2018 or 2019 federal tax return would be used to calculate their income, the IRS could use Form SSA-1099 for those who didn’t file taxes in either of those years. If you didn’t file your tax return for 2018 or 2019, the IRS will use the information on Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments for 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 your dependents, you would receive $1,200 per person, without the additional amount for any dependent.
FYI: An SSA-1099 is a form that the Social Security Administration sends yearly to people who receive Social Security retirement or disability benefits, including senior citizens who have no other income and don’t normally file tax returns.

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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.

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He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].

Victor Sy, CPA, MBA (retired)

Victor Santos Sy, MBA. CPA (Retired) Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation. * * * He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits” that’s available at Amazon. Readers may email tax questions to [email protected].