The Social Security Administration (SSA) has announced that eligible Supplemental Security Income (SSI) recipients will receive a payment of $1,400 on July 1. If you’re an SSI recipient, here’s what you need to know to collect your payment:
- Eligibility Criteria:
- To qualify for the SSI program, applicants must meet strict income and resource limits. For individuals, the limit is $2,000, and for couples, it’s $3,000.
- Disabled applicants must demonstrate a severe physical or mental disability expected to last more than 12 months or that could result in death.
- Payment Details:
- The $1,400 payment is part of the third round of stimulus checks.
- To be eligible, an individual’s income must be less than $75,000, and joint filers must have an income below $150,000.
- Payments phase out more quickly than in previous rounds, with reduced payments for individuals earning over $80,000 and joint filers with incomes above $160,000.
- How to Receive Your Payment:
- The Internal Revenue Service (IRS), not the SSA, will issue all payments electronically or via paper checks by mail.
- If you filed a 2019 or 2018 tax return and have a qualifying child, you’ll automatically receive the payment.
- If you didn’t file a tax return, visit the IRS website to learn how to claim your payment.
- Representative payees should also check the SSA website for specific information on economic impact payments.
Remember, this payment aims to provide financial relief during challenging times. If you’re an SSI recipient, stay informed and take the necessary steps to collect your payment on July 1
Peter Lynch, the finance expert at Infinity Sweets, joined the team in 2019. With five years of experience in finance, he brings a wealth of knowledge to the table. Peter is your go-to for insights on everything from investment strategies to personal finance tips. To reach out, drop an email to Peter at [email protected].
