Social Security Combined Trust Funds Projection Remains The Same Says Board Of Trusteesprojections In 2020 Report Do Not Reflect The Potential Effects Of The Covid
The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance Trust Funds are projected to become depleted in 2035, the same as projected last year, with 79 percent of benefits payable at that time.
The OASI Trust Fund is projected to become depleted in 2034, the same as last years estimate, with 76 percent of benefits payable at that time. The DI Trust Fund is estimated to become depleted in 2065, extended 13 years from last years estimate of 2052, with 92 percent of benefits still payable.
In the 2020 Annual Report to Congress, the Trustees announced:
- The asset reserves of the combined OASI and DI Trust Funds increased by $2.5 billion in 2019 to a total of $2.897 trillion.
- The total annual cost of the program is projected to exceed total annual income, for the first time since 1982, in 2021 and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2021. Social Securitys cost has exceeded its non-interest income since 2010.
- The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2035 the same as last years projection. At that time, there would be sufficient income coming in to pay 79 percent of scheduled benefits.
Other highlights of the Trustees Report include:
How Will I Receive My Stimulus Check
If you filed a tax return for tax year 2019 or 2018 or used the 2020 IRS Non-filer portal, the IRS used your information to determine the amount of your payment and delivered it using the direct deposit information , or mailing address you provided. Social Security recipients, railroad retirees, and SSDI, SSI, and VA beneficiaries were sent the payment using the information the Social Security Administration currently has on file.
All first stimulus checks were issued by December 31, 2020. If you are missing your stimulus check or didnt get the full amount that you are eligible for, you can claim your first stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or use GetCTC.org if you dont have a filing requirement.
Idaho: $75 Rebate Payments
In February, Idaho Gov. Brad Little signed a bill that allocated $350 million for tax rebates to Idahoans. There were two criteria for eligibility:
- Full-time Idaho residency and filed 2020 and 2021 tax year returns, OR
- Full-time Idaho residency and filed grocery-credit refund returns.
The payments began in March. Each taxpayer received either $75 or 12% of your 2020 Idaho state taxes, whichever is greater . The rebate was applicable to each individual taxpayer and each dependent.
The tax commission first issued rebates to taxpayers who received refunds via direct deposit, then sent paper rebate checks.
In a special session on Sept. 1, Idaho lawmakers voted to authorize another tax rebate for all residents who filed state tax returns in 2020. Individual filers will receive $300, and couples filing jointly will get $600.
The funds come from the states $2 billion budget surplus. The payments are slated to roll out within weeks, according to a report by the Idaho Press.
State residents can also check the status of their rebate online.
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My Stimulus Payment Was Too High
Some individuals whose income increased too much in 2019 were not eligible for a full stimulus payment, but they got one anyway since the IRS based the payment on their 2018 taxes. Those individuals will not have to pay back the payment.
In other cases, families were paid an extra $500 or $600 for children who were 17 or older . This could happen if the IRS took the number of children who qualified for the child tax credit in 2018 without updating children’s ages for 2019. But in other cases, it looks like the IRS took the number of dependents from a family’s 2018 tax return, without regard to their age. The IRS has said that those who received such overpayments will not have to pay them back.
What If I Filed My Taxes Last Year Under My Previous Name And Have Changed My Name Since I Filed Those Taxes
If you file taxes and have not filed your 2019 taxes, you should file as soon as possible with your new name. Make sure your name is updated with the Social Security Administration.
If your stimulus check is written out to you under your previous legal name, you should still be able to deposit your check. However, you may need to speak with your bank and show your legal paperwork documenting your courtordered name change and old and new ID.
If you are cashing a check outside of a bank, bring your legal documents with you and try to call in advance to make sure that they dont have additional requirements to cash the check.
Recommended Reading: Irs 1044 Form For Stimulus Check
What Can I Do If The Amount Of My Stimulus Payment Is Wrong
If you didnt get the additional $500 for your children or didnt get the full payment amount that you expected based on your eligibility, you can get the additional amount by filing a 2020 tax return or use GetCTC.org if you dont have a filing requirement.
If you receive Social Security, Social Security Disability Insurance , or Supplemental Security Insurance OR are a railroad retiree or Veterans Affairs beneficiary, and didnt get the first stimulus check or the full amount you are eligible for, you will also have to file a 2020 tax return or use GetCTC.org if you dont have a filing requirement.
Why Did I Receive A Debit Card
The IRS issued millions of debit cards to taxpayers in lieu of second stimulus checks, but will be sending out fewer debit cards out for the third payment. The prepaid Visa debit cards, issued by MetaBank, are called Economic Impact Payment cards. Your EIP card will arrive in a white envelope with “Economic Impact Payment Card” in the return address. You’ll need to activate the card by calling the phone number that comes with the card and choosing a 4-digit PIN number.
You can use your EIP card for purchases or use it to withdraw cash . You can also transfer the funds from your EIP card directly into your own bank account, after you register for online access.
If you use the card wisely, it will be free, but there are some fees to be aware of. If you use an out-of-network ATM or a bank teller to withdraw cash, you may need to pay a fee, and if you check the balance of the debit card, at either an in-network ATM or an out-of-network ATM, you will be charged a small fee.
The IRS has announced that the vast majority of taxpayers should receive their third stimulus payment by direct deposit this time.
Recommended Reading: Where’s My 1st And 2nd Stimulus Check
What If I Didn’t Get The Right Amount
Some people may get their checks quickly, yet discover the payment amount is incorrect that could be due to their dependents or changes in income.
The law provides $1,400 per adult and dependent, as long as the household income falls below the income threshold for eligibility. In the current bill, single people whose adjusted gross income was below $75,000 and married couples with income below $150,000 will receive their full payments, as well as their dependents. Payments decline for earnings above that, cutting off entirely for single people earning $80,000 and $160,000 for married couples.
But some people may not get the right amount, especially if they haven’t yet filed their 2020 tax returns, given that the IRS extended the tax deadline until May 17. For instance, if a family had a baby last year but hasn’t yet filed their 2020 returns, the IRS would base their payments on their 2019 returns which wouldn’t include their new baby. In that case, the family would receive $2,800 for themselves, but not the extra $1,400 for their child.
For instance, the most recent batch of checks issued this week include “plus-up” payments for people who received checks based on their 2019 tax returns but who have since filed their 2020 tax returns and are owed more. The agency said such extra payments could reflect a loss of income in 2020, which could entitle the tax filers to more stimulus money, or if they had a child last year.
Get My Payment Says Payment Issued But I Haven’t Received It
The IRS says that it may take three to four weeks to receive a check after it’s mailed. If it has been weeks since the Get My Payment tool says the payment was mailed, and you haven’t received it, you can request a payment trace. The IRS will research what happened to your check if the check wasn’t cashed, you will need to claim the “Recovery Rebate Credit” on your next tax return. If the IRS finds that the check was cashed, you’ll receive a claim package from the Treasury Department with a copy of the cashed check and instructions on filing a claim.
Similarly, if the Get My Payment tool says your payment was direct-deposited, but the money doesn’t show in your bank account after five days, first check with your bank. If the bank says it hasn’t received a payment, you can request a payment trace.
To request a payment trace, call 800-919-9835 or fill out IRS Form 3911, Taxpayer Statement Regarding Refund.
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Who Is Eligible For The Third Stimulus Check
1. Income: The income requirements to receive the full payment are the same as the first and second stimulus checks. There is no minimum income needed to qualify for the payment. Households with adjusted gross income up to $75,000 for individuals will receive the full payment. The third stimulus payment starts to phaseout for people with higher earnings. The third stimulus checks maximum income limit is lower than the first and second stimulus check. Single filers who earned more than $80,000 in 2020 are ineligible for the third stimulus check.
View the chart below to compare income requirements for the first, second, and third stimulus checks.
|Income to Receive Full Stimulus Payment||First Stimulus Check Maximum Income Limit||Second Stimulus Check Maximum Income Limit||Third Stimulus Check Maximum Income Limit|
2. Social Security Number: This requirement is different from the first and second stimulus check.
Any family member that has a Social Security number or dependent can qualify for the third stimulus check. For example, in a household where both parents have ITINs, and their children have SSNs, the children qualify for stimulus checks, even though the parents dont.
See the chart below for further explanation of how this works.
Extra Money Direct Deposit Of $2000 Checks For Only Signed Bill Date Fourth Stimulus Check Update
This is your fourth stimulus check update, fourth stimulus package update, and news report for October 11th! In this video, I am going to share the latest stimulus news with you all, as well as the status of the fourth stimulus check!
Please subscribe to my channel, like this video, and comment below for more daily stimulus check updates!
#stimulusupdate #stimuluspackage #stimuluscheckupdate Jesus loves you!
Social Security Modernizing Its Disability Programdecades Old Rule Updated To Reflect Todays Workforce
Social Security Commissioner Andrew Saul announced a new final rule today, modernizing an agency disability rule that was introduced in 1978 and has remained unchanged. The new regulation, Removing the Inability to Communicate in English as an Education Category, updates a disability rule that was more than 40 years old and did not reflect work in the modern economy. This final rule has been in the works for a number of years and updates an antiquated policy that makes the inability to communicate in English a factor in awarding disability benefits.
It is important that we have an up-to-date disability program, Commissioner Saul said. The workforce and work opportunities have changed and outdated regulations need to be revised to reflect todays world.
A successful disability system must evolve and support the right decision as early in the process as possible. Social Securitys disability rules must continue to reflect current medicine and the evolution of work.
Social Security is required to consider education to determine if someones medical condition prevents work, but research shows the inability to communicate in English is no longer a good measure of educational attainment or the ability to engage in work. This rule is another important step in the agencys efforts to modernize its disability programs.
The rule will be effective on April 27, 2020.
To get more Social Security news, follow the Press Office on Twitter @SSAPress.
What If Ive Had Changes Since Filing My 2019 Tax Return
The IRS used information on your 2019 tax return to determine your payment amount if you didnt file a 2020 tax return or if it wasnt processed in time.
If you moved and the first stimulus check was not delivered to you, you may need to request a payment trace so the IRS can determine if your payment was cashed . If your payment wasnt cashed, you can claim your first stimulus check as the Recovery Rebate Tax Credit on your 2020 tax return or by using GetCTC.org if you dont have a filing requirement.
If you got divorced and no longer live at the address on your tax return or included direct deposit information for a joint account and you are no longer married, this may be a complex matter that should be discussed with a tax professional.
Unfortunately, if the first stimulus check was issued, the IRS treats the payment as being received by both spouses, even if both people didnt get the money. If the payment went only to your ex-spouse, the IRS views this as a personal legal matter that you should discuss with your divorce attorney. You can also contact your local Low Income Taxpayer Clinic or local Taxpayer Advocate Service for help.
Also Check: Irs.gov Stimulus Check 4th Round
Irs Begins Delivering Third Round Of Economic Impact Payments To Americans
IR-2021-54, March 12, 2021
WASHINGTON The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.
Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week.
Additional batches of payments will be sent in the coming weeks by direct deposit and through the mail as a check or debit card. The vast majority of these payments will be by direct deposit.
No action is needed by most taxpayers the payments will be automatic and, in many cases, similar to how people received the first and second round of Economic Impact Payments in 2020. People can check the Get My Payment tool on IRS.gov on Monday to see the payment status of the third stimulus payment.
“Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic,” said IRS Commissioner Chuck Rettig. “The payments will be delivered automatically to taxpayers even as the IRS continues delivering regular tax refunds. We urge people to visit IRS.gov for the latest details on the stimulus payments, other new tax law provisions and tax season updates.”
Oregon: Direct Payments Of $600
In March 2022, the Oregon legislature voted to approve one-time $600 payments to some residents. Taxpayers who were eligible to receive the earned income tax credit on their 2020 state tax return, and who lived in Oregon for the last six months of 2020, were eligible to receive one payment per household.
The state used federal pandemic aid to provide these direct payments to low-income residents, and more than 236,000 households received a payment. All payments were distributed by direct deposit or mailed check between June 23 and July 1, 2022.
The Oregon Department of Revenue website contains FAQs for residents with concerns about receiving their payment.
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Latest From Direct Express
On Wednesday, Direct Express said account holders expecting funds can check their pending deposits up to two days before the payment date.
The company tweeted Wednesday: “Expecting a payment? You can check pending deposits 1-2 days prior to payment date. Call the number on the back of your card & select Opt 5.”
Expecting a payment? You can check pending deposits 1-2 days prior to payment date. Call the number on the back of your card & select Opt 5.
Direct Express® card
Only current Direct Express cardholders are able to receive their third stimulus payment on their cards. Those who currently don’t have a Direct Express card cannot sign up for one now in order to receive their stimulus funds, the company stated on March 23.
Stimulus payments sent to an account that is closed or no longer active “will be returned and the IRS will reissue the payment,” the company added.