#SSI PLUS UP PAYMENT VERIFICATION#

“We are sending plus-up payments to eligible taxpayers every week until the legislative deadline of December 31, 2021,” the IRS said.

They are normally issued within 2 weeks from the time the 2020 tax return is processed.

Plus-up payments are sent separately from 2020 tax refunds and previous Economic Impact Payments. “You do not need to take any action other than file a 2020 tax return as soon as possible to give the IRS time to process a plus-up payment before the end of 2021 if you are eligible,” the IRS stated on its website. For example, you may get a plus-up payment if your income was less in 2020 compared to 2019, or you added a dependent on your 2020 return, according to the IRS. Plus-up payments are additional payments the Internal Revenue Service (IRS) is sending to those who received a third Economic Impact Payment based on a 2019 tax return or information received from the Social Security Administration or Veterans Administration. 31.Ĭhild Tax Credit and Stimulus 2021 Recipients: Be on the Lookout for IRS Letter With Tax Filing InfoĬhild Tax Credit: You Could Get a Double Payment in February - Here’s Why The deadline to see if you qualify is Dec. For example, if the SSA ties receipt of the benefits to the beneficiary's age, confirmation of a three-year continuance can be met by verifying that the beneficiary's age supports that benefit(s) will continue for at least three years from the date of the loan application.Time is running out to determine if you are eligible for the so-called “plus-up” stimulus payments on your 2021 taxes - part of the Economic Impact Payments authorized by the American Rescue Plan Act of 2021. 4Ĭonfirmation of three-year continuance does not require documentation that provides a defined expiration date and can be assessed by verifying the SSA's requirements related to the specific benefit(s) being paid. If joint tax returns or tax transcripts include income that is not associated with a borrower on the loan transaction, the lender must obtain additional documentation supporting the amount of income from the SSA being used in qualifying, such as the SSA-1099. 2Įxamples of how a borrower might draw Social Security benefits from another person’s account/work record and use the income for qualifying:Ī borrower may be eligible for benefits from a spouse, ex-spouse, or dependent parents (the benefit is paid to the borrower on behalf of the spouse, etc.) orĪ borrower may use Social Security income received by a dependent (a minor or disabled dependent). 1Īn SSA Award letter may be used to document the income if the borrower is receiving Social Security payments or if the borrower will begin receiving payments on or before the first payment date of the subject mortgage as confirmed by a recently issued award letter. This documentation may differ from the requirements described above. If a borrower’s Social Security income is validated by the DU validation service, DU will issue a message indicating the required documentation. Most recent signed federal income tax returns (or tax transcripts 3), or.Social Security Administration's (SSA) Award letter,.Social Security income based on another person's account/work record or from the borrower's own work record, but for the benefit of another (such as a dependent) may also be used in qualifying, provided the lender documents a 3-year continuance.ĭocument regular receipt of payments, as verified by the following, depending on the type of benefit and the relationship of the beneficiary (self or other) as shown in the table below.īorrower is drawing Social Security benefits from own account/work record 1īorrower is drawing Social Security benefits from another person’s account/work record or from their own account/work record for the benefit of another 2 Social Security income for retirement or long-term disability that the borrower is drawing from their own account/work record will not have a defined expiration date and must be expected to continue.

#SSI PLUS UP PAYMENT VERIFICATION#

The following table provides verification requirements for Social Security income.

Ssi plus up payment