Treasury Department Reverses Position With Respect to Coronavirus Stimulus Checks to Retirees
Many senior citizens whose income is limited to Social Security payments do not file a federal income tax return. However, with respect to the stimulus checks being issued in connection with the CARES Act, the Department of the Treasury had previously announced that those persons would need to file a Form 1040-SR in order to be in the system and eligible to receive a coronavirus stimulus check.
The Department of the Treasury has now reversed that decision. On April 1, it was announced that Social Security beneficiaries do not need to file a tax return in order to receive the stimulus payments being made under the CARES Act. The IRS website now provides:
Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank account.
There is also a Department of Treasury Press Release, which is available AT THIS LINK.
Post a Comment