Stimulus Update

The newest update on Stimulus checks is they will be getting checks out as quickly as possible.  These are based on the 2018 or 2019 tax returns.  There was some debate about people that do not generally file a tax return.  The latest information says that those that received a SSA-1099 or 1099 RRB will automatically get their $1200 deposited into the same account their social security goes into.  They do not have to file a return unless there are some additional circumstances that would get you more money.  For example, if you are on social security and have eligible dependents they will not give you the additional money unless you file a return.  If one spouse is on social security and the other is not (and you didn't file a tax return) they will only account for one adult to get the $1200.  You would need to file a joint return in order to get the $2400.  If you have benefits that are not reported on the SSA-1099 or 1099-RRB then you may need to file in order to qualify for the stimulus money.  

Keep in mind this stimulus money is an advance on a credit on the 2020 tax return.  Although there is limited information on how it will work with previous advances the following year you will file your return and calculate the allowed credit and then subtract off what you've already received.  So if you're not currently eligible because of income or you've added a child in 2020 then you may be eligible for an additional amount on the 2020 tax return.  And while that won't help you right now during this current crisis, it will at least come to you at some point.