Most Americans over age 65 WILL be eligible for any new $1,200 Covid stimulus check
AMERICANS over the age of 65 who were eligible for the first $1,200 stimulus check will likely receive a second one if a new relief bill is signed into law.
As the details on the next stimulus package remains unclear, here are what seniors and retirees need to know about their stimulus eligibility.
Who does the IRS count as an older adult or senior citizen?
The IRS considers anyone age 65 or older at the end of 2019 as a senior on their taxes that year and beyond.
How do you know if you're eligible for a stimulus check? Plus the rules if you have a pension or make money from investments
Whether or not you’re eligible for a stimulus check depends on your adjusted gross income, or AGI from you 2019 federal tax filing.
If you have a pension or investments that are taxable, they will affect your adjusted gross income, and therefore your eligibility for a stimulus check.
This is also the same 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.
Will the qualifications change for a second stimulus payment?
Evidently, if a second stimulus package is approved by Congress, it will be likely that the qualifications for seniors will remain the same at detailed in the CARES Act.
Those who count as dependents on someone else’s taxes may be eligible for additional money in a new stimulus package.
However, we won’t know the exact number of that additional money until the legislation is announced.
Under the White House’s Oct. 9 $1.8trillion proposal, folks would get $1,000 per child dependent, however, it is unclear how much is allotted for adult dependents.
Under the Republican-backed HEALS Act and the revised HEROS Act, you’d get $500 per dependent, regardless of age, with no cap on the number of dependents who could receive that money.
The initial Democratic-backed HEROS Act proposed $1,200 per dependent, for up to three people.
However, neither of the proposals have been signed into law.
What if you're an SSI or SSDI recipient?
If you are over age 65 and a recipient of Supplemental Security Income and/or Social Security Disability Insurance, you were eligible for the first stimulus check and are likely to be for a second one, if passed.
What if you didn't get a first check, but you should have been eligible to get one?
If you’re 65 or older and qualified for the first stimulus check under the CARES Act, but never received one, you can track the status of your missing payment by clicking here.
Over 160million Americans have received their $1,200 stimulus check, however, the IRS is still trying to track down millions of people who may be owed money.
If you think this applies to you, you may be able to claim your missing check by the Nov. 21 deadline.
Do you need to file a tax return if you're over age 65?
The requirement to file a tax return 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.
In 2019, the standard deduction amount for single filers was $12,200.
Your gross income is different from your adjusted gross income, or AGI, which is your gross income minus any eligible adjustments that you may qualify for.
When should you file taxes if you're over 65?
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 if 65 or older, $27,700 in gross income; if both spouses are 65 or older, $27,000 in gross income.
- Married filing separately (any age, $5).
- Qualifying widow(er) age 65 or older with at least $25,700 in gross income.
Do you have to be a US citizen to receive a stimulus payment?
Under the CARES Act, all US citizens and non-US citizens with a Social Security number who live and work in America were eligible to receive stimulus payments.
That includes people who the IRS refers to as “resident aliens,” green card holders and workers using visas such as H-1B and H-2A.
If your citizenship status changed since you first got a Social Security number, you may have to update the IRS's records to get your check.
US citizens living abroad were also eligible for a first payment.
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