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Many Retirees get to Double Dip?
Old 02-27-2009, 07:12 PM   #1
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Many Retirees get to Double Dip?

I know what this BankRate piece says, but I find it hard to believe that they would allow some retirees to claim both checks.

What if you don't get a paycheck? You still might be eligible for a $250 credit.
The new law says that amount will go to individuals receiving certain Social Security, Supplemental Security Income, Railroad Retirement benefits and veterans' benefits. This money will be sent out as a separate check.

The logistics for distributing the $250 payments have not yet been announced. The assumption, however, is that the IRS will follow a plan similar to the 2008 stimulus payments.

Many retirees work part-time to supplement their government benefits. In these cases, older workers will not get both the full $400 Making Work Pay credit and the $250 payment. Any payments received for Social Security or similar benefits will reduce the payroll credit amounts a worker gets, tax analyst Luscombe
Stimulus tax payout small (Page 2 of 2)
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Old 02-28-2009, 08:43 AM   #2
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I don't believe they can claim both, which is what the last sentence of the quoted article says. If they get the $250 payment, this amount is subtracted from the maximum $400 credit they could receive by working. So, the max benefit is still $400 (not $650).
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Old 02-28-2009, 10:07 AM   #3
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See the answers on the SSA Site: Social Security Online - Economic Recovery One-Time Payments Information Page
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