The White House announced two weeks ago the arrival of a new aid package for the entire country, although stimulus checks were not among them. However, one of the most eagerly awaited programs, the Social Security Trust Fund in May, has returned and has only a few days left. We tell you what you must do to apply and receive up to $1800. Have you already checked your bank account?
New Social Security Trust Fund to be sent: are you eligible to get $1800
In the specific fiscal year of May 2024, SSA will therefore issue $ 1,800 lump sum payment to all Social Security beneficiaries as part of the Social Security Trust Fund. This is a payment designed for people aged 72 and disabled individuals in order to get through a period when Social Security Trust Fund is expected to be empty.
They are planning to give out $1,800 each to all qualified Social Security beneficiaries and individuals who receive SSN-based benefits by mid of May, 2024. Unlike major salary advances, no application procedure is needed to allow a foreign employee to receive this payment.
Are you eligible for this new Social Security Trust Fund payment?
Stimulus payment of $1,800 is a one off payment albeit came with certain conditions for recipients of Social Security. To be eligible, you must:
- Currently receive Social Security benefits: This could be SSI, SSDI or social security retirement benefits that are received by the recipient.
- Have an eligible Social Security claim number: This will identify your Social Security claim and show whether you are eligible plus the amount that will be given to you.
- Have income below specified limits: You must also have a total taxable income of less than seven thousand five hundred units of the US dollar for the year 2020 in case you are a single person, or less than fifteen thousand units in case you are filing as a married couple.
- Be a U. S. citizen or legal permanent resident: It must be valid and recognized Social Security number and you may reside in any of the fifty states of United States or the District of Columbia or in specifically designated territories of United States.
- Not be claimed as a dependent: Also referred to as a “recovery rebate,” one cannot receive the stimulus payment if someone else lists the individual as a dependent on their tax form for the year.
Therefore, the $1,800 payment is for current Social Security beneficiaries, for those within the eligibility limits of income, for U. S citizens and or green card holders. Students cannot be dependents or a holder of any other visa besides a student visa.
How to apply for this new payment from Social Security?
The Social Security payment claiming process requires you to file form SSA-1099/1042S with the Social Security Administration (SSA) and the $1,800 payment is what is expected. This form can be gotten from your local SSA office or through internet via the SSA website
The application process is straightforward:
- Prepare Form SSA-1099/1042S: You will be required to enter your name, SSN number, date of birth, mailing address and more Make sure that all information you have provided on the form is accurate.
- Attach supporting documentation. This is to ensure one proves their identity such as through use of a driver’s license, a passport or an identity card from any state. There may also be requested to submit an income statement, bank statements or a tax return in order to prove that you are eligible for the grant.
This Social Security Trust Fund in May has been the great novelty of the month that is now ending, although in June we will continue to see interesting programs to receive money in single-payments, and also in monthy-payments. We will see them in the coming days, and we anticipate that among them there are some stimulus checks (not the fourth payment, don’t expect that at least in the medium term).
