ACB has received many questions about the 2020 Recovery Rebate. Below you will find information about what the rebate is and other details about how you will receive your rebate.
2020 Recovery Rebate Details
One element of the third stimulus bill passed by Congress about two weeks ago includes a monetary recovery rebate, also known as the 2020 recovery rebate. Through this rebate, Americans will receive a one-time monetary amount from the government. The purpose of the rebate is to revitalize the economy. Americans who receive the money can spend it in any way they choose; there are no limitations or strings attached to the money.
The 2020 recovery rebate will begin at $1,200 for all people who have an income of $75,000 or less on a yearly basis. For a married couple who files jointly, the amount will start at $2,400. For anyone who has children under the age of 16, they will receive an additional $500 for each child. As a person’s income rises, the amount they receive will decrease gradually. In other words, the more money a person makes, the less money they will receive from the government. The most a person can make before they can no longer receive the recovery rebate is $99,000.
How you will receive your rebate:
If you filed taxes in 2018 or 2019, you will automatically receive the rebate. If you received your income tax refund via direct deposit to your bank account, the money will be automatically deposited into that bank account. The money will be deposited starting today, on April 15, 2020. If you generally receive your income tax refunds via the mail, the check will be sent to the address on file. If the check is sent via mail, another letter will be sent out two weeks later confirming that the check was received. When waiting for the rebate to come by mail, know that it will take more time. Those who make less money will receive their checks sooner and progress from there.
Refunds for SSI beneficiaries who have not filed taxes in 2018 or 2019:
For individuals who receive Social Security benefits, filing taxes is not necessary. As a result, that person’s information is not in the system. To fix this problem, some people have asked if they need to file taxes. The answer is no. Again, you do not need to file taxes if you receive Social Security benefits in order to receive the 2020 recovery rebate. Initially, the IRS told SSI recipients to go to a Non-Filers portal, which is no longer required. SSI recipients will now automatically receive the rebates. This information is changing frequently, and we will continue to update you with any further changes that are made. Although SSI recipients generally do not need to file income taxes, persons with dependent children do need to file with the IRS. For those who are regular Social Security beneficiaries, not SSI recipients, the IRS will use the information on a person’s Form SSA-1099.
How will this impact your monthly income:
A common question we have received is whether the money will impact a person’s monthly income, which can in turn impact a person’s SSI eligibility. Under SSI, a person can only bring in so much money per month to remain eligible. The answer is no. The rebate is not considered income and thus will not impact your monthly income number.
We urge all ACB members not to give out your information easily to people claiming to be the IRS or SSA in order to get the rebate. Unfortunately, there are many scams going on in order to obtain people’s information unlawfully. You can reach us via email, firstname.lastname@example.org, or by phone, (202) 467-5081.
This is the most up-to-date information as of 6pm April 15.