The Treasury Department clarified how Social Security recipients will receive stimulus payments coming to them from the $2 trillion CARES Act.
On April 2, 2020, the U.S. Department of Treasury announced that Social Security beneficiaries automatically will receive the economic impact payment and will not need to file a tax return. Previous guidance suggested that recipients would need to complete a tax return. The people in this category—among them are the elderly, dependents of a deceased worker, and the disabled—typically do not file taxes.
If you normally receive your Social Security benefits through direct deposit, you will not need to take any action to receive the new stimulus funds. A check by mail will take longer. This does not apply to pastors who have opted out of Social Security.
You can read up-to-date guidance, including how a stimulus payment is calculated and what you can expect, in this article from the IRS: Economic impact payments: What you need to know.
Brotherhood Mutual has prepared many resources related to COVID-19, including more about the CARES Act and safety guidelines for Christian ministries. You can find all of the resources in one spot at brotherhoodmutual.com/coronavirus.
Thank you for your interest in Brotherhood Mutual. We appreciate the opportunity to provide your church or other ministry with an insurance quote and will reply to your request as soon as possible.
Text to follow...