Anyone 65 or older as of the end of 2019 is considered by the IRS to be a senior citizen.
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A third stimulus check could be approved in a matter of days. If you’re 65 or older, here’s what you need to know about eligibility, income, SSI, and retirement, and what to do if you miss the money from the first two stimulus checks.
Congress is rushing to pass the $ 1.9 trillion stimulus bill in the coming weeks, which means you could be seeking a third stimulus check of up to $ 1,400 as early as the end of this month. This means that if you are 65 or older and retired, receive Social Security benefits, or are a war veteran, you are likely to be eligible for a new stimulus check.
That will depend in part on the number of dependents you claim this year, if any. It will also depend on whether the check arrives during tax season and what the check will look like once the Senate passes and President Biden signs the new law.
This year when filing your federal taxes, your adjusted gross income, pension benefits and Social Security, and if you have any dependents it will affect your taxes. Also, if you still lack money from the first or second check, you will have to claim it as a Refund Recovery Credit on your 2020 taxes, even if you don’t often file them.
Who is considered an adult by the Internal rents service (IRS)?
Anyone 65 or older by the end of 2019 is considered an older adult in taxes for that year and later.
How do you know if you are entitled to receive a third stimulus check?
For the first and second stimulus checks, whether you are eligible for any payment depends on whether you were considered a dependent, as well as the amount of your adjusted gross income, or AGI, and your 2019 federal income tax return.
If you have a pension or investments that are taxable, these will affect your AGI and, therefore, to your right to receive a stimulus check. The same will happen with the interests of your bank account. Nevertheless, interest on tax-exempt bonds is not included in your AGI, so it will not affect your eligibility to receive a stimulus check payment.
How much money could you get from a third stimulus check?
There are several ways the eligibility rules could change with a third stimulus check. Biden’s proposal also includes a payment of up to $ 1,400 for all dependents, regardless of age, which will be added to the total received by household members. That means that in case you support a dependent adult, for example a university student, you could get a higher balance of the stimulus check during the next round, yes this qualification reaches the final bill.
If approved the measure would provide money to the households of some 13.5 million dependent adults, according to a projection of the People’s Policy Project.
Biden’s stimulus plan also includes mixed status families, in which their members have different immigration status. Both groups were left out of the first and second stimulus payments.
Congress is also debating whether to “route” checks to households with a lower income threshold, which could affect people with significant investment income, this could include older adults.
Related: The Social Security check will come with a surprise for retirees
Am I entitled to receive the stimulus money if I am a beneficiary of SSI or SSDI?
If you are over 65 years old and you are a beneficiary of the Supplemental Security Income or of Social Security Disability Insurance, it means that you were eligible for the first and second stimulus checks, and you should be eligible for the third.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.