When President Barack Obama signed the American Recovery and Reinvestment Act recently, he made a commitment to offer certain sections of the population a tax break, such as senior citizens who currently receive Social Security payments.
But when and how will that money get to them?
According to the legislation, $81 billion is going towards Protecting the Vulnerable. Part of this money will go towards a one-time payment of $250 to people on Social Security, Railroad Retirement and Veteran’s Administration benefits, as well as government employees who do not receive Social Security.
The tax break will go to people with little or no income, Kiplinger.com reports.
People who receive their retirement benefits will receive the one-time payment in the same manner.
Those who do not, will get a check sent to them.
Scott Weiner, senior tax analyst with the tax and accounting business unit of Thomson Reuters, told the news provider that in terms of time, the statue says "payments must begin at the earliest practicable date, but no later than 120 days after the date of enactment."
Since President Obama signed the stimulus package on February 17th, this means retirees should get their money before June 17th, Weiner told the news provider.
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