Confused about the rebates? You are not alone. The information has changed a few times, but I think it’s clear now.
THANK YOU, AARP!
First of all, a big thank you to AARP. AARP convinced the government to send stimulus checks to Social Security recipients via the automatic deposit information that the Social Security Administration has on file. This means they can deposit the funds directly to each of us, even if you haven’t filed taxes for many years. Without this concession, many seniors would have had to wait for paper checks. Or file their banking information with the IRS before receiving anything.
If you get Social Security deposited directly into your bank account, your stimulus check should be automatically deposited as well.
Initially, the government was going to use tax return information to send the funds, but since many seniors are not required to file a tax return, this would mean those with the lowest incomes could have to wait months for paper checks. So, thank you, AARP, for getting the stimulus quickly to those who need it most.
Funds are set to begin going out today, April 9th. You may see funds deposited to your account as early as April 14th. You should be notified when the funds have been dispersed to you.
Who gets a check? If you currently receive Social Security via automatic deposit into your bank account, you should receive a stimulus deposit of $1,200 within the next three weeks.
Single individuals with an adjusted gross income under $75,000 for 2019 will receive $1,200.
Married couples filing jointly will receive $2,400 if their adjusted gross income is under $150,000.
Singles with an AGI over $99,000 and couples with an AGI over $198,000 will not receive checks. Those whose income is over $75,000 and under $99,000 will get a reduced amount. Couples whose income is over $150,000 and under $198,000 will also receive a reduced amount.
Do I have to pay it back? I recall getting a $400 stimulus under the Bush administration. I was shocked the following April to learn that I had to pay it back. It was taken out of my refund. I have been assured on many fronts that that is not the case now. This money does not have to be paid back next year. I hope that remains true.
We are fortunate to live in a country that can provide for us at this challenging time. While subsidies are on the way, many local governments, churches, and organizations are preparing meals and offering assistance. If you are need of food or other essentials, reach out.
May you all be safe, healthy, and well!