IRS Announces 2x Stimulus Payments for SSI, SSDI, SSA, and VA Beneficiaries

Juilia Ruskin
4 Min Read

If you rely on SSI, SSDI, SSA, or VA benefits, you might be excited to hear about the upcoming stimulus payments. This article will explain who is eligible, how much you can expect, and what these payments mean for you. Let’s dive in to learn more!

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Are 2x Stimulus Payments for SSI, SSDI, SSA, and VA Coming?

The Internal Revenue Service (IRS), along with the Treasury Department and the Social Security Administration (SSA), is working to provide additional financial support to those with low incomes or who have lost their jobs due to the pandemic. Recently, the SSA confirmed that applicants will receive increased payments for SSI and SSDI.

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Previously, the stimulus checks were $1200. Due to higher inflation and the Cost of Living Adjustment (COLA), these amounts will increase. Many recipients have already noticed a 50% increase in their benefits. Let’s find out more about these stimulus payments.

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What Is SSI, SSDI, and VA?

Supplemental Security Income (SSI):

  • Provides financial help to retired pensioners and disabled individuals.
  • Retired pensioners receive $1848, couples get $2939, and disabled individuals receive $1489.

Social Security Disability Insurance (SSDI):

  • Offers monthly benefits to disabled workers based on their work history.

Veterans Affairs (VA):

  • Provides benefits to veterans, including survival benefits for widowed parents and their children.

In 2024, there will be an increase in these paychecks. Seniors retiring this year will benefit more from this program. The more you earned during your employment, the more you will benefit post-retirement.

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What Is a Stimulus Payment?

During the pandemic, stimulus payments were introduced to help those who lost their jobs. These payments were directly deposited into beneficiaries’ accounts. The first three installments were $1400 per individual. The fourth installment is expected soon, and many hope for a 2x increase.

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Increment in Amount After COLA Benefit

Due to higher inflation, the COLA benefit has increased by 3.2% in 2024. This means higher paychecks for beneficiaries:

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  • SSI: $1907 for each pensioner, $3033 for couples.
  • SSDI: Increased to $1537.
  • VA: Survival benefits increased to $1773 for older spouses, $3653 for a widowed parent with two children.

Are You Eligible?

You are eligible for the increased benefits if:

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  • You received the first three stimulus payments.
  • You paid your taxes on time.
  • You have an annual income below $75,000.

Keep an eye on your “My Account” to track your updated paycheck.

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The new stimulus payments and COLA increase are designed to help those on SSI, SSDI, SSA, and VA benefits cope with rising costs. By understanding your eligibility and the amounts you can receive, you can better manage your finances and stay informed about your benefits.

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1. What are the 2x stimulus payments?

These are potential increased payments for SSI, SSDI, SSA, and VA beneficiaries to help with higher living costs.

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2. Who qualifies for these payments?

Beneficiaries of SSI, SSDI, SSA, and VA who have received previous stimulus payments and meet income criteria.

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3. How much will the increased benefits be?

SSI pensioners will receive $1907, couples $3033, SSDI will be $1537, and VA survival benefits will be $1773 or more.

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4. When will the new stimulus payments be issued?

The fourth installment is expected in the upcoming months.

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5. How can I track my payment?

Monitor your “My Account” on the official SSA or IRS website for updates.

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An up-and-coming tax attorney passionate about educating readers on tax planning and mitigation strategies. Juilia articles offer practical advice and actionable tips to help individuals and businesses navigate the intricacies of tax law with confidence.
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