Big Updates for Social Security, SSDI, SSI, and Veterans Benefits
If you’d rather watch than read, check out the YouTube version here!
Look, big updates for Social Security recipients, SSDI, SSI, Veterans Benefits, and more, and I’ll get to those in a minute.
But with respect to yesterday’s evening video about the fake phrase “$1,000 stimulus checks”, here’s all I’m going to say about it: Google in quotes “$1,000 stimulus checks”, all you’ll see is Meet Kevin’s stuff, because he made up them up, Congress did not approve $1,000 stimulus checks this week, that is fact, and referring to the Economic Injury Disaster Loan grants as $1,000 stimulus checks is, in my opinion, confusing clickbait at best and deceptive at worst.
Look, we spread facts here, and most of you were very supportive, and thank you for that, but for those outliers who weren’t, look, if you want to defend somebody for spreading non-facts, go ahead and unsubscribe from me and subscribe to him, I don’t care, a lot of you already told me you would unsubscribe, and guess what? I don’t care, it’s not about the numbers for me, I have a successful CPA practice, I have a personal finance blog that pays our bills, I don’t need to be desperate here on YouTube for clicks, my reputation as an accurate source of information far outweighs the minuscule ad revenue I’d get from spreading clickbait.
Now, there is a proposal right now for $1,000 monthly stimulus checks, $2,000 one-time and $1,000 per month, this is the proposed Automatic BOOST to Communities (ABC) Act proposed by Congresswomen Rashida Tlaib of Michigan and Pramila Jayapal of Washington.
This bill proposes — and I can’t stress the word enough, proposes, nowhere near passing — this bill proposes that every American get a BOOST debit card preloaded with $2,000, which is loaded up with $1,000 every month until one year after the end of the coronavirus crisis.
And it looks like this thing covers everyone, including non-citizens, including undocumented immigrants, and all dependents, including children.
So family of five, mom, dad, three kids, you’re getting $10,000 right off the bat, $2,000 per person on these BOOST debit cards, and $5,000 per month loaded up on your cards.
Funded directly from the Treasury with no additional debt issued by minting two $1 trillion platinum coins, what, that is wow, that takes some legislative creativity, let me say that much.
You know, Democratic congresspeople, mostly junior ones, by the way, are farting out these proposed stimulus bills like they just ingested a can of Bush’s Baked Beans, I swear, man, I’m surprised AOC hasn’t proposed $10k a month for every working-class American or something insane like that.
Alright, big update for Social Security retirement recipients, SSDI recipients, Railroad Retirement benefits recipients: some of you have already received your payment, you’re one of the 88 million Americans according to the IRS who received theirs, great, saw a lot of that in the comments, but the vast majority of recipients of benefits administered through the Social Security Administration have not.
Well, the IRS announced that, and I’m reading this word-for-word, “For recipients of Social Security retirement, survivors or disability insurance benefits (SSDI) and Railroad Retirement benefits (RRB), automatic payments of $1,200 are scheduled to begin arriving next week. No action is needed on their part. This includes people who don’t normally file a tax return.”
And they go on to say that this group, as we knew, can no longer using the Non-Filers Tool to add eligible children if they didn’t do so by this past Wednesday’s deadline. They will need to file a 2020 tax return in order to receive the $500 for their eligible children if they did not add them through the non-filers tool.
Who’s missing from the group of people I just read? Per usual, SSI recipients and Veterans Benefits recipients and the IRS changed the game for you all here because they originally told you your deadline to add eligible children to the Non-Filers Tool was this past Wednesday, along with the other groups, Social Security retirement and others.
But now they’re saying SSI and VA, because presumably you’re getting your benefits later than Social Security retirement and others, remember we’ve been saying early May here on the channel — vague, I know, I’m sorry, early May is just the information we have — now IRS is saying, SSI and VA you can still add your dependent children under the age of 17 to the non-filers tool, but you have to do it by May 5.
That implies to me that these groups, SSI and VA, some of you might get it earlier, but this implies to me that the majority of you if you haven’t filed a tax return, you’re going to have to wait for at least a few days, maybe a week after May 5, I don’t know, that seems like mid-May at that point to me.
Because I’m just extrapolating here because like I told you in a previous update Treasury said that they set this past Wednesday’s deadline on short notice, 48 hours, for Social Security and others to add their qualifying children to the Non-Filers tool, because according to a Treasury spokeswoman, if they extended that deadline, it would push back stimulus payments to everybody on Social Security, SSDI, etc., so it seems that they needed that deadline to pass before payments started going out.
I’m thinking and supposing, and the IRS didn’t come out and say this, but I’m supposing, reading between the lines here, that it’s a similar story for SSI and VA, veterans benefits recipients. They need to have that deadline by May 5, and they won’t be releasing mass stimulus payments to SSI and VA until after that May 5 deadline.
Think about it, deadline for Social Security, SSDI, and others to add eligible children to non-filers was this past Wednesday, April 22, and now they’re saying that these groups can expect their stimulus next week, the week of April 27, for SSI and VA now they’re saying the deadline for these two groups to add eligible children to non-filers is Tuesday, May 5, so I wouldn’t be surprised if it took them until the next week after that deadline to start processing payments, the week of May 11, but here’s the thing, there are far fewer individuals on SSI and Veterans Benefits combined than there are on Social Security retirement and SSDI, so maybe it’s not proper to extrapolate from the Social Security retirement slash SSDI timeline, maybe it’s not proper to extrapolate that to SSI and Veterans Benefits Recipients, because there are fewer of them, and maybe the IRS can in fact process these payments for SSI and VA faster for them after May 5 than they’re processing for Social Security retirement slash SSDI after the April 22 deadline.
But that’s just all my informed speculation at this point, we’ll have to wait and see what happens.
IRS also says this, “Note – Direct Express Account Holders: You may use the Non-Filers tool, but you cannot receive your and your children’s payment on your Direct Express account. You may only select a bank account for direct deposit or leave bank information blank and receive the money by mail.”
But right below this, they say, “The Treasury Department will make these automatic payments to SSA, SSI, RRB and VA recipients. Recipients will generally receive the automatic $1,200 payments by direct deposit, Direct Express debit card or by paper check, just as they would normally receive their benefits.”
Wait, what? You just said that SSI and VA won’t receive their stimulus via Direct Express, but in the very next paragraph you said they will.
Here’s the thing: you can’t put Direct Express information in the Non-Filers Tool. All the IRS meant here in this Note to Direct Express Account Holders is that if you’re in that group of SSI recipients and veterans benefits recipients that needs to input their dependent children into the Non-Filers Tool by May 5, you can’t input your Direct Express information into that tool, as we’ve all seen, you can’t input a debit card number into that tool. You’ll either need to select direct deposit if you have a bank account, if you just have Direct Express, no bank account, you just leave the bank information blank and receive a paper check.
But this paragraph here is for those who don’t need to add a qualifying child to the Non-Filers tool. So if you’re just expecting the $1,200, you can expect your benefits in the same way you get your monthly benefits, including Direct Express if you receive your monthly benefits via direct express.
But if you need to use the non-filers tool to add your qualifying children under the age of 17, Direct Express is not an option for you, it’s either direct deposit or paper check.
I think that’s a big enough update, no questions today because honestly most of the questions that I saw on the video yesterday either pertained to one of the groups that I specifically mentioned in this video, so hopefully this video answered those questions, or they pertained to the Get My Payment tool, particularly for non-filers, and I will say this, I have seen anecdotal reports of the Get My Payment tool having improved for some people and now giving them more specific information, we know the IRS has been updating this tool last night, the previous night, and tonight, so if the Get My Payment Tool has been giving you trouble, check again this weekend if you have a chance and see if the IRS’s critical updates were able to give you better information than the tool was giving you before.
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