For those wondering, Social Security beneficiaries were approved to receive an Economic Impact Payment. Like the Americans within the income levels established in the Coronavirus Aid, Relief, and Economic Security or CARES Act, Social Security beneficiaries won’t have to do anything except wait for the payment to be disbursed, according to the U.S. Department of the Treasury and the Internal Revenue Service.
“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said U.S. Department of the Treasury Secretary Steven T. Mnuchin.
The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.