Social Security and Obama

Today TaxMama hears from Betty in North Carolina, who wants to know. “Are Social Security recipients going to receive anything from the Obama recovery package?”

Dear Betty,

Yes, Social Security recipients, railroad retirees, disabled vets getting benefits from the VA, and Supplemental Security recipients will each be getting a check for $250.
http://www.irs.gov/newsroom/article/0,,id=204468,00.html

The money will be paid by the Social Security Administration.

The bad news is, if you’re also working and eligible for the $250 ‘Making the Work Pay’ benefit, you will lose that.

The program is designed to give each working or retired adult only ONE benefit. For the retired or disabled, it’s $250 For the working folks, it’s $400 per person. If you’re retired/disabled AND working – aim for the $400, rather than the $250.
http://www.irs.gov/newsroom/article/0,,id=204447,00.html

And remember, you can find answers to all kinds of questions about the American Recovery and Reinvestment Act of 2009 and other tax issues, free. Where? Where else? At TaxMama.com

[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]

File Download (0:00 min / 0 MB)

Leave a Reply