In order to be eligible for the economic impact payment, you need to meet three conditions (1) have a valid Social Security number (2) not be claimed as a dependent of another taxpayer, and (3) had adjusted gross income under certain limits. Below is a link to the IRS webpage with the latest information on the Economic Impact Payment.
You do not have to be earning income as an employee of a company or from any other source in addition to your Social Security payment. However, if you are listed as a dependent on someone else’s federal tax return you may not be eligible.
The economic impact payment is not considered income, so it will not impact eligibility for SSI or SSDI. It is not considered a resource for 12 months so it will not impact the amount of your SSI benefit.
The following groups will automatically receive their Economic Impact Payments. (1) People who filed federal income tax for 2018 or 2019 and (2) Individuals who receive benefits from the Social Security Administration including SSI and SSDI.
The Get My Payment tool from the IRS allows many taxpayers to check when they can expect to receive their payment. In addition, the tool allows taxpayers to add direct deposit information if it isn’t already on file with the IRS. If you normally aren’t required to file a tax return, you can use a separate IRS web tool for non-filers to register for your economic impact stimulus payment.
The Social Security Administration (SSA) issued an update May 15, 2020 with information regarding Economic Impact Payments (EIP). Beneficiaries who have their regular monthly payments managed for them by another person, called a representative payee, will begin receiving their Economic Impact Payments from the IRS in late May. Special rules apply to beneficiaries living in the U.S. territories: American Samoa, Guam, Puerto Rico, the Northern Mariana Islands and the U.S. Virgin Islands. In general, the tax authority in each territory, not the IRS, will pay the EIP to eligible residents based on information the IRS will provide to the territories. It is anticipated that beneficiaries in the territories could begin receiving their EIP in early June.
Most nursing facility residents will receive economic stimulus payments of up to $1,200. Even if Medicaid pays for your care and services at the facility, the stimulus payment belongs to you and not the nursing facility and you may use these funds in whatever way you choose..
The Federal Trade Commission (FTC) has received reports of nursing homes and assisted living facilities throughout the country claiming that stimulus checks count as “resources” under the rules of federal benefit programs that must be used to pay for services. The FTC notes that this is not true, and encourages consumers to check with loved ones who receive Medicaid and live in these facilities and to file a complaint with their state attorney general if they or a loved one have experienced this issue.
If you qualify for an Economic Impact Payment, you might receive your money on a prepaid VISA debit card, issued by MetaBank, through the mail. The Economic Impact Card will come in a plain envelope from “Money Network Cardholder Services” along with important information about the card, instructions for activation, fees and a note from the U.S. Treasury. If you receive such a card in the mail, do not throw it away. You will need it to access your Economic Impact Payment. The Consumer Financial Protection Bureau answers common questions and provides tips to help you access your money and use your card while reducing fees and avoiding scams.
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The Financial Resilience Center was developed by National Disability Institute with generous funding from the Wells Fargo Foundation.