November 21 – Deadline for Non-Income Tax Filers to Register for Stimulus Payment

The deadline to register for an Economic Impact Payment using the Non-filers tool is extended to November 21, 2020 for those who have not received their Economic Impact Payment and do not normally file a tax return. Register before November 21 using the Non-Filers: Enter Payment Info Here tool on IRS.gov.

The IRS’s Non-Filers tool is secure and can be used if:

  1. You are married with income below $24,400 or single with income below $12,200 and cannot be claimed as a dependent by someone else;
  2. You are a couple or an individual experiencing homelessness;
  3. You are a Social Security and VA recipient whose only source of income is social security retirement, social security disability, Supplemental security income or SSI;

The economic impact payment will be sent to you even if you have a federal income tax debt that is not paid off.

You can speed the arrival of your payment by choosing to receive it by direct deposit. Otherwise, you will receive a check or prepaid debit card. If you are receiving benefits the payment will automatically be paid into the account in which you receive your benefits. After two weeks, you can track the status of your payment using the Get My Payment tool.

December 31, 2020 Deadline for Requesting Mortgage Assistance from HUD

HUD allows borrowers to delay making a mortgage payment under the Forbearance for Borrowers or COVID 19 National Emergency Program. The deadline to request the COVID 19 Forbearance is December 31, 2020. The borrower will not have to make payments for 6 months. However, this period can be lengthened up to another 6 months or shortened at the borrower’s request. The payments usually come due all at once at the end of the forbearance period.  

HUD also has a program called Home Equity Conversion Mortgages (“HECM”) for borrowers with a reverse mortgage. When an HECM borrower defaults on the mortgage, such as by not paying taxes or insurance, HUD requires the mortgage company to call the HECM loan due in full and then to file a foreclosure. Due to the pandemic, HUD has said that HECM borrowers who have defaulted on the mortgage can ask their mortgage company for an additional 6 months before the mortgage company calls in the loan.  The key is that borrowers must make this request to the mortgage company by December 31, 2020.

If you are concerned about losing your home to foreclosure, and you need assistance understanding your options, please call South Carolina Legal Services at 888-346-5592 or apply online at www.sclegal.org.

Social Security Benefits Updates

The Social Security Administration (SSA) announced that benefits will increase by 1.3% in 2021. The maximum monthly SSI benefit will be $794 for a single person and $1,191 for a married couple. Retirement, survivor and disability benefits will go up about $20 a month for the average beneficiary.

The Open Enrollment period for Medicare remain open until December 7, 2020. Medicare beneficiaries should use this time to review their health and drug plans and make any changes based on their current healthcare needs. The South Carolina State Health Insurance Assistance Program (SHIP) provides free counselors who can help you find plans. SHIP be reached at 800-868-9095 and just ask for a SHIP coordinator. It is important to know that you should never pay anyone to help you choose a plan.

Medicare is offering new health plans that will cap your out-of-pocket cost at $35 or less for a month’s supply of insulin. The government will not call you and ask for your Medicare or social security number. It will not threaten you with jail if you do not provide personal information to the caller. Scammers can use your Medicare number to file false claims or obtain treatment under your name or they can try to sell you a bogus insurance policy for genetic or COVID testing. Finally, the government will not show up at your door to sell you a Medicare plan, medical equipment, medication, or supplements. You may register your phone number with the National Do Not Call Registry at https://www.donotcall.gov/ or 888-382-1222.