You do not need to take any steps to obtain your stimulus check payment. The IRS will simply look at your 2019 income in order to determine your eligibility for this emergency financial assistance. In addition to income, a beneficiary must 1) Be a U.S. citizen or a resident alien, 2) Not be another person’s dependent for tax purposes and 3) Have a Social Security Number.
Income Requirements for the Stimulus Check: Individuals may qualify for a full stimulus check if their adjusted gross income in 2019 or 2020 was $75,000 or lower. Married couples may qualify if their 2019 adjusted gross income was $150,000 or lower. For those who file taxes as a head of household (taxpayers who file individually and have at least one dependent), income must be no more than $112,500 to qualify for a stimulus payment.
If your AGI is above $80,000 (individuals), $120,000 (head-of-household), or $160,000 (joint filers), you will not qualify for a stimulus check.
If you make more than these amounts, the stimulus check will be reduced.
The formula is as follows:
- Take five percent of the amount of your income that goes over the income limit.
- Subtract this amount from the full stimulus payment to find out what you may qualify to receive.
Dependent payments: Unlike previous payments, where In order to qualify for up to $1,400 for a dependent child the dependent needed to be younger than 17 years of age, under the new American Rescue Plan, dependents over 17 years old are also eligible for payments.
If qualified, you may automatically receive this free government money for individuals if you meet one of the following conditions:
- You filed a tax return in 2019 and/or 2020.
- You receive Social Security benefits, including retirement, disability (SSDI), survivor or Railroad benefits.
- You receive Veterans Affairs (VA) benefits.
- You receive Supplemental Security Income (SSI).
- You registered online for the first payment earlier in 2020.
New Stimulus Eligibility rule: The eligibility guidelines for this second stimulus check are the same as those for this first payment, with one notable exception. Previously, if a married couple had one member without a Social Security number, the couple was not eligible for the first stimulus payment. However, a new law has changed this rule and made these families eligible.
If you need more help paying bills or are seeking other financial assistance in addition to your stimulus check, the rules are a little different. This is because cash assistance is administered at the state level, and different states have very different requirements when it comes to who can receive TANF funds.
In general, most states reserve monthly cash assistance for families who are considered to have a very low income. However, even those who do not qualify for cash may be able to receive free child care, tax credits and other services.
By Admin –
