Stimulus checks and older adults: Will the $1,400 payment eligibility rules affect you?March 10, 2021
The House of Representatives is expected to cast its final vote on theWednesday, after . President Joe Biden could sign it into law this week, which means a for up to could be on the way to millions of Americans . By the looks of it, if you’re age 65 or older, receive or you’re a veteran, you’ll likely .
You’re probably wondering how much money you could get from a third round of stimulus payments — and that somewhat depends on how manythis year, if any at all. It’s also contingent on if the check and if the most current remains intact.
We’ll explain what else could affect your third stimulus payment — to be exact, when you, your , pension and and if someone on their taxes. Plus, if you’re still missing money from the , you’ll need to claim it as a on your 2020 taxes, . This story was recently updated.
So who’s deemed an older adult by the IRS?
Anyone aged 65 or older at the end of 2019 is considered athat year and beyond. (If you have questions about citizenship requirements, see more below.)
How do I find out if I’m eligible to receive a third stimulus check?
For the first and second stimulus checks, whether you were eligible for any stimulus money (and if you were,) depended on whether you were and the amount of your , from your 2019 federal tax filing.
If you have a pension or investments that are taxable, those will affect your AGI, and therefore your. The same is true for interest from a bank account. Interest from tax-exempt bonds isn’t included in your AGI, however, so it wouldn’t affect your stimulus payment eligibility.
For a, some of the eligibility rules have already changed in the latest version of the bill — read on for more.
How much money could I get in a third stimulus check if I qualify?
There are several ways thatwith a third stimulus check. The includes a payment of , no matter their age, to be added on to the household’s total. That means if you support an , for example a college student, it’s likely that you’ll be able to get a in the next round.
The move, if approved, would People’s Policy Project.on behalf of an estimated 13.5 million adult dependents, according to the
The current plan also includes families with, where members have different immigration statuses. Both of these groups were left out of the first and second stimulus payments.
One thing to note: In the most recent version of the bill passed by the Senate last week,That means single filers who earn less than $75,000 will be eligible for the full $1,400. But those who earn $80,000 or more per year will .
But there are other ways some households could potentially.
Am I qualified for stimulus money if I’m an SSI or SSDI beneficiary?
If you’re over age 65 and a recipient of Supplemental Security Income or Social Security Disability Insurance, you were eligible for a first and second stimulus check, and should be eligible for a third. Find out .
What’s a gross income and where can I find mine?
Your gross income doesn’t include any Social Security benefits unless:
- You’re married but filing separately and lived with your spouse at some point in 2019.
- Half your Social Security benefits plus your other gross income and any tax-exempt interest is more than $25,000 filing single (or $32,000 if married, filing jointly).
If either of those is the case for you, you can check out the Instructions for Forms 1040 and 1040-SR or Pub. 915, Social Security and Equivalent Railroad Retirement Benefits to figure the taxable part of Social Security benefits you must include in gross income.
What happens if a relative claims me as an adult dependent on their taxes?
Some older people mayon someone else’s taxes, called a “qualifying relative.” For example, you may live with your children. In terms of stimulus check qualifications for the second payment, the main tax filer would’ve had to claim you as a dependent on their tax form 1040 in 2019.
A qualifying relative can be any age. To be counted as a qualifying relative on someone’s tax return, the person must meet four criteria. They…
- Don’t count as a .
- Live with the family member all year as a member of the household, or count as a relative who doesn’t have to live with the family member all year (such as a parent or grandparent, a stepparent or a sibling).
- Must have a gross income for the year of less than $4,200.
- Must have more than half of their support during the year come from the family member.
If you were a dependent on someone else’s taxes and were over the age of 16, you weren’t qualified for any stimulus money at all in the first or second round of stimulus checks. The current proposal, however, would allow dependents of all ages to be eligible to add up to.
I’m a nonfiler. Is filing taxes this year the only way to claim my missing stimulus payment?
Ais a person who isn’t required to . The requirement to depends on your gross income, which is all income you receive in the form of money, goods, property and services that aren’t tax-exempt (more below). For 2019, the standard deduction amount for single filers was $12,200.
However, if you’re claiming missing stimulus money in a, even nonfilers will have to file a tax return this year. You may be able to use a . You will, however, .
Your, is your gross income minus any eligible adjustments that you may qualify for. (Find out .)
If you’re age 65 or older, you should file taxes under the following circumstances:
- Single filer with at least $13,850 in gross income.
- Head of household with at least $20,000 in gross income.
- Married filing jointly (if one spouse is 65 or older, $25,700 in gross income; if both spouses are 65 or older, $27,000 in gross income).
- Married filing separately (any age).
- Qualifying widow(er) age 65 or older with at least $25,700 in gross income.
In the 2019 tax year, the IRS introduced Form 1040-SR, US Tax Return for Seniors. This form is basically the same as Form 1040, but has larger text and some helpful information for older taxpayers.
I’m not a US citizen, but I do pay taxes. Can I qualify for a stimulus payment?
Under the resident aliens,” green card holders and workers using visas such as H-1B and H-2A., non-US citizens, including those who pay taxes, weren’t eligible to receive the $600 payment, unlike with the first round of checks. Under the of March 2020, who live and work in America were eligible to receive stimulus payments. That included people the IRS refers to as “
If your citizenship status has changed since you first got a Social Security number, you may have to update the IRS’ records to get your check. US citizens living abroad were also eligible for a first payment.
For the third payment, the current proposal includes checks for— families with members with different immigration statuses — who were left out of the first two checks.
I never got my money from the first or second stimulus payment. How exactly do I claim it during tax season?
Now that it’s, if you you’ll likely need to claim a missing payment using the — that includes people who , too.
However, we recommend getting a little more information by using the IRS’ free. If you use the Recovery Rebate Credit, your stimulus allotment will either be bundled with your or you’ll pay less tax. We recommend and registering your bank account for .
I’m over age 65 and have dependents but didn’t get any money for them in my first or second check. How do I claim it now?
If you’re age 65 or older and have a child dependent age 16 or younger who qualified for an, or an , you’ll have to claim your stimulus payment on behalf of eligible dependents as a .
These are the groups of older adults who qualified for the previous two stimulus payments
What about veterans, dependents and members of SSI and SSDI programs?
Social Security recipients and retired railroad workers who weren’t required to file a tax return in 2018 or 2019 were eligible for the first two stimulus payments — and weren’t required to file a tax return to get their check, according to the IRS. The payments were based on information contained in their 1099 benefit statements, with no additional paperwork required.
Supplemental Security Income recipients without dependent children should have received stimulus payments automatically, without having to file any additional paperwork. The same is true for people who receive Compensation and Pension benefits from the Department of Veterans Affairs.
People who are part of the Social Security Disability Insurance program who weren’t required to file tax returns for 2018 or 2019 should also have automatically received a first and second stimulus payment. (Find out more about.) If you didn’t receive all or part of your money, you’ll need to claim it as a .
However, older people who were claimed as a dependent on 2019 tax forms weren’t eligible for a first or second stimulus check.
For more, check out what we know so far about aand .
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