New stimulus check rules for older adults and retired people: Rules about income, SSI, veterans, more

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New stimulus check rules for older adults and retired people: Rules about income, SSI, veterans, more

Americans began receiving second stimulus checks of up to $600 per qualified adult and child dependent, days after President Donald Trump signed the stimulus bill. While there’s been talk of that $600 second stimulus check amount getting a raise to a $2,000 maximum, that’s no longer a possibility for this session of Congress.

So now with a $600 per-person limit fused into place for this second stimulus check, we wanted to help answer some questions about all sorts of rules around qualifications — including age or retirement status — that could affect your eligibility or the amount of money you could get with the next check.

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For example, the government considers your tax filingsadjusted gross income, pension, Social Security benefits (SSI, SSDI) and whether you count as someone else’s adult dependent when determining how much of the up to $600 payment you’ll receive. The priority group you’re in may also impact how quickly you receive your stimulus check money. You may also have questions about how to track your second stimulus check online and in the mail. We can help. (This story has been updated with new information.)

Does the IRS consider me a senior citizen or older adult?

Anyone age 65 or older at the end of 2019 is considered a senior adult on their taxes that year and beyond. (If you have questions about citizenship requirements, more below.)

Am I eligible for a second stimulus check?

Whether or not you’re eligible for a second stimulus check (and if you are, how much money you could receive) depends on your adjusted gross income, or AGI, from your 2019 federal tax filing.

If you have a pension or investments that are taxable, they will affect your AGI, and therefore your eligibility for a stimulus check. The same is true for interest from a bank account. However, interest from tax-exempt bonds is not included in your AGI, so wouldn’t affect your stimulus payment eligibility…Read more>>

Source:-cnet

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