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For most people that answer is no – including Social Security beneficiaries.
The IRS issued guidance on Wednesday to Social Security recipients specifically, notifying them that they would automatically receive the economic impact payments.
Confusion arises because some people are not required to pay taxes each year – and the IRS has said it will look at adjusted gross income listed on federal tax returns in order to determine which individuals and couples should be awarded a benefit.
However, the agency will use information from the Form SSA-1099 and Form RRB-1099 to determine eligibility among these individuals.
“Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account,” Treasury Secretary Steven Mnuchin said in a statement.
Checks will be received via direct deposit or the mail as recipients would normally receive their benefits.
Among the people who will be required to take action? Those who must, but have not yet filed either their 2018 or 2019 tax returns.
The payments will be $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
The relief is intended to hold Americans over until the U.S. economy is up and running again – the federal government and state governments have made the decision to shut down many businesses in an attempt to limit human-to-human contact. As a result, many people have either found themselves without a job or with reduced hours.
For more information on the payments, click here.