Stimulus Payments Being Mailed to Retirees
Eligible working taxpayers most likely have a little more money ($400) in their pocket because they had reduced withholding.
For those whose income consists primarily of social security benefits, supplemental security income, disabled veterans benefits or railroad retirement benefits, the government will send checks for $250 based on information that it already has. Eligible individuals who are collecting these benefits while continuing to work will receive a Making Work Pay Credit of the greater of $250 or $400.
But watch out, this is a one-time payment that will be taxable as ordinary income if the retiree has sufficient income this year.
Larry Kopsa CPA
