Wandro & Associates
Social Security Recipients Will Automatically Receive Economic Impact Statements
Updated: Apr 3, 2020
The U.S. Department of the Treasury and the Internal Revenue Service announced yesterday that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Statement. Instead, payments will be automatically deposited into their bank accounts.
The IRS will use the information on Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Statements 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 would normally receive their benefits.
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This Wandro & Associates Update is intended to inform firm clients and friends about legal developments, including recent decisions of various courts and administrative bodies. Nothing in this Practice Update should be construed as legal advice or a legal opinion, and readers should not act upon the information contained in this Update without seeking the advice of legal counsel.