Good News for Social Security Recipients!! – CARES Act in Response to COVID-19
Initially, under the CARES Act, social security recipients were going to have to file income tax returns, even if they normally did not have a tax return filing requirement.
However, after much backlash, this is no longer a requirement. This is great news for recipients of social security benefits who would not normally need to file an annual income tax return. It is a difficult time for us all, and requires that an individual who would not normally need to file an income tax return, which is an added burden.
Congress has provided the U.S. Treasury a way to rely on Form 1099-SSA instead of a Form 1040 in order to issue stimulus checks. You can find this updated information on the IRS website here. The IRS website states,
“Since the IRS would not have information regarding any dependents for these people, each person would receive $1,200 per person, without the additional amount for any dependents at this time.”
This is great news for many seniors, many veterans, and many disabled individuals who may have been previously concerned about the added burden of needing to file an income tax return.
If you have any questions about this, other tax law matters, probate, conservatorships, estate planning, divorce, civil litigation, or unlawful detainers, we hope you will contact Mendes Weed, LLP, today. We are here to help you at this difficult time. Just call (925) 390-3222.