04/03/2020

Social Security Recipients Will Automatically Receive Economic Impact Payments

Payments will be automatically deposited into their bank accounts

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. 

“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,” said Treasury Secretary Steven Mnuchin. 

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.