Had trouble logging in for a few hours so apologies for this post and the next post being delayed.
If you have a payee, mostly those on Social Security, both regular retirement and SSDI, SSI, or if you have a payee for other reasons on any other system, there’s an update on the SSA website: https://www.ssa.gov/coronavirus/#reppayee.
Do you have a representative payee or you are a representative payee?
The IRS has not yet determined when payments will be made to someone who did not file a 2019 or 2018 tax return and who has a representative payee.
Since the IRS is processing payments automatically based on a filed tax return, and processing payments for people who use their Non-Filer Tool, these payments from the IRS could be made to someone with a representative payee.
Please visit www.ssa.gov/coronavirus/#reppayee on this page to learn more about economic impact payments and representative payees.
Also, the nonfiler portal on the IRS website was opened back up temporarily and should go down again on the afternoon of May 13th.
No word on how the stimulus package 4, also known as CARES 2.0, is going. Both Democrats and Republicans are sounding like there will be a second stimulus round. While the initial proposal is $2,000/month, don’t be surprised if that gets reduced during negotiations; also, no guarantee the current maximum income limit will stay as high as the original bill proposes. Plenty of financial YouTubers making all sorts of wild claims on what they think will be in it, based on either their favorite news outlets or their personal opinions. I am not making guesses until something gets passed by both Houses and sent to the President. There are plenty of other proposals out there – too many to name, but most don’t have enough support to gain traction. One thing is certain Congress will throw a bunch of pet projects in the mix that will easily substantially increase the price tag.