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Stimulus Payments: The Senior Problem

Help seniors get paid. Read this NOW!

Stimulus Payments: The Senior Problem Image

There is confusion regarding whether seniors who receive Social Security have to file a simple tax return to get their $1,200 stimulus check. The answer from the U.S. Treasury Department is NO.

So if you received a 1099-SSA or RRTA in 2019 or 2018, the payment will be automatic….eventually.

The problem

The IRS challenge is to send out one-time coronavirus stimulus payments quickly. Using 2018 and 2019 tax-filing information is the easiest way to do this. So if you haven’t had to file a tax return in either 2018 or 2019, you won’t receive a payment. The IRS solution to this problem is to have you file a simple tax return. Unfortunately, the bill and the Treasury Department state that the IRS must also use form 1099-SSA (Social Security Retirement payment) filings by themselves to automatically send payments.

So how does the IRS make sure they do not double pay? This could happen since those seniors who DO file a tax return (and receive a 1099-SSA) will already be paid. The answer? A massive undertaking to match two large databases and identify those that STILL NEED TO BE PAID!

Can you image the cost and delays this is going to present to the IRS?

YOUR solution: File a tax return!

If you want to ensure a speedy payment, file a tax return - even if you do not need to do so. This will effectively solve the IRS system problem for your account. The worst-case scenario is you are paid twice and then you simply return the extra payment.

So consider filing your tax return or helping a senior citizen who does not file taxes, file a simple tax return. Plus there is the added benefit of protecting their IRS tax account from potential identity thieves!

Last updated: 05/19/2022

Have questions? Contact us.

Warren Wealth Management & Tax Planning
9300 Shelbyville Road, Suite 1204 | Louisville, KY 40222
www.warren-wealth.com | [javascript protected email address]
Phone 502-339-8255

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