The Only Constant is Change
The only constant in life is change,” is attributed to Heraclitus (540-480 BCE). Having changed our ways of working, school, shopping and interacting with family and friends you might be less-than-surprised to hear that Social Security and the IRS have changed their guidance to people who receive only non-taxable income, including Supplemental Security income (SSI). This information has been published subsequent to my last blog, so this is the update. Having failed to come up with an alternate way to identify such people and provide them with the economic impact payments provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Department of the Treasury and the IRS are now requiring people who are not required to file a tax return to provide basic information—a kind of $0 simplified return—here. This would include people with disabilities who work but whose income is less than $12,200 (single), $18,350 (head of household) or $24,000 (married) and especially people who receive only SSI or non-taxable veterans’ benefits. People who receive Social Security Retirement Benefits, Social Security Disability Insurance or Railroad Retirement and Survivors’ Benefits are not required to input additional information on the IRS website since they will receive an economic impact payment based on their SSA-1099 or their RRB-1099. However, they MAY enter information at the link if they have dependents for whom they can claim the additional $500 allocated for each qualifying child 16 years old or less. (photo by Ross Findon on Unsplash).