Personal Finance from The Washington Post

The IRS issued an advisory last week to clarify that the economic impact payments distributed as part of the latest stimulus package belong to recipients, not a nursing home or assisted-living facility.

The IRS and other federal agencies have reported hearing situations where nursing homes and other elderly care organizations have seized the payments, arguing that because the residents are receiving Medicaid, the facilities are entitled to the money.

“The IRS issued this reminder following concerns that people and businesses may be taking advantage of vulnerable populations who received the Economic Impact Payments,” the agency said. “These payments do not count as a resource for purposes of determining eligibility for Medicaid and other federal programs for a period of 12 months from receipt. They also do not count as income in determining eligibility for these programs.”

The Federal Trade Commission (FTC) also put out an advisory.

Source: Personal Finance from The Washington Post


The article was originally published here!

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