Factors Affecting Your Third Stimulus Check
The amount in the third stimulus check depends on the number of dependents you are claiming for this year. You could also be claimed as dependent as an older adult. The income limits declared by the IRS are also a factor that determines what you get. We are bang in the middle of the tax filing season, so that is also a determining factor.
Factors include the adjusted gross income, your Social Security benefits, and your tax returns. Other determining issues are whether you have a dependent or someone declares you as one. And if you have missed out on the first and second stimulus checks, you can claim it in your 2020 income tax returns under the Recovery Rebate Credit. Here is the latest update.
If you have crossed 65 by 2020, you will be considered as a senior citizen for calculating their taxes. You are 65 a day before you turn 65.
What This Means For You
The CDC recommends a yearly influenza vaccine for all Americans aged 6 months and up.
Older people are at a higher risk for serious complications from the flu. If you’re 65 years old or older, experts recommend getting your annual flu shot before the end of October, and opting for either a high-dose or adjuvant version.
Stimulus Check 2022 Given To Senior Citizens
For years, Social Security recipients have complained that their yearly cost-of-living increases, or COLAs, have been inadequate. Seniors were, on the other hand, in for a pleasant stimulus check surprise this year.
Last October, it was revealed that seniors will receive a 5.9 percent COLA for 2022, the largest increase in decades. And many US senior citizens were able to exhale a sigh of relief as a result of that news.
Since January 13, Social Security COLA Stimulus Check payments have been distributed. Beneficiaries have begun to get them to fight the catastrophe caused by the COVID-19 outbreak.
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How Does One Calculate Adjusted Gross Income
Your Adjusted Gross Income is the key to determine your third stimulus check. It is calculated based on your latest tax filings. It is the amount from your total income that is taxable by the IRS.
Your income in a year from wages, capital gains, interest income, dividends, alimony, royalties, retirement distributions, and rental income are your gross income.
Your AGI or taxable income is the allowable deductions allowed on your gross income. They may include alimony payments, student loan interest, and retirement contribution. It is the decisive factor for how much the authority owes you, plus the number of your dependents and your filing status, whether joint or single.
Can I Still Apply For Medicare During The Outbreak
Yes but only online. If you are turning 65 or are under 65 and have a disability, you can still go to ssa.gov and apply for Medicare. While the Centers for Medicare and Medicaid Services operates the program, the Social Security Administration handles Medicare enrollment. The SSA will continue to process applications.
If you are 65 or older and have lost your job and health insurance or were on your spouse’s health insurance and she or he lost a job and health coverage, you can go to the SSA website and apply for Medicare.
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How I Can Help The Senior Citizens League Make This Happen
If you would like to express your support for the $1,400 stimulus check for Social Security recipients, you can do so by signing a petition on The Senior Citizens League website.
Your support on this petition will help them bring a collective voice to Congressional leaders and hopefully push them toward implementing this stimulus program.
Why You Did Not Qualify For A Stimulus Check
Several people have commented that they have not received or not gotten the correct amount on their stimulus checks. The IRS has provided the following reasons
- Your adjusted gross income in your most recent tax filing approved by the IRS was greater than than the limits shown above, which are $99,000 $136,500 $198,000
- You CANNOT be claimed as a dependent on someone elses return. This includes as a child child, student or older dependent.
- You dont have a valid Social Security number and/or are a nonresident alien.
- You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019. These are quick filing forms, but you need a standard filing
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Will you get a third stimulus check? At least one rule change could affect older adults and retirees.
The IRS is now sending out the third stimulus check for up to $1,400 per person to qualified individuals and families. . If youre age 65 or older, receive Social Security benefits or are a veteran, theres a high chance you could receive a check, though that may not be the case for individuals with high income levels from investments or other sources.
Your total check amount also varies based on how many dependents youre claiming this year, if any, or if youre claimed as a dependent. Tax season may also be a factor this time, if you filed a tax return in early 2020 thats already been processed by the IRS.
Well help you determine what factors could affect your third stimulus payment from filing your federal taxes this year, to your adjusted gross income, pension and Social Security benefits, as well as if someone counts you as an adult dependent on their taxes. Also, if youre still missing money from the first or second checks, youll need to claim it as a Recovery Rebate Credit on your 2020 taxes, even if you dont usually file them. This story has been updated.
Senior Citizen Financial Planning
Estimates vary, but the rule of thumb is the average retiree needs about 70-80% of his/her preretirement income to sustain an accustomed lifestyle once theyve stopped punching the proverbial clock. Depending on your commitment to thriftiness, if you earned $50,000 a year while working, you should be comfortable on somewhere between $35,000-$40,000.
These, again, are estimates. Your mileage may vary.
Spending on a variety of core necessities was skewed dramatically by the impact of COVID-19. For instance, housing costs surged as we sheltered in place, transportation spending slumped. Before the pandemic, however, the BLS provided the following targets for spending in its Annual Expenditure Report.
- Housing 32.4%
- Healthcare 12.2%
These are the four greatest expenses for people over the age of 65. After the age of 75, healthcare costs eclipse transportation, taking up 16% of your income, while transportation drops to 13.9%.
To be clear, these are only averages. How much each person spends on each category will vary. You shouldnt set aside 17% of your budget for transportation if you live walking distance from your usual haunts, or you have satisfactory and inexpensive public transportation nearby.
Nor should you throw budgeting to the wind for a European vacation just because you really want to see the Eiffel Tower or ache for bratwurst by the Danube.
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How Will The Stimulus Check Payments Be Made By The Irs
The IRS has confirmed that payments for most working Americans are expected to be calculated and deposited or mailed via check based on 2018 or 2019 federal tax filing payment details. Most people wont need to take any action and the IRS will calculate and automatically send the economic stimulus payment to those eligible. The Treasury department, under which the IRS falls has also created a website/portal for those who are not required to file U.S. income taxes or who have to change payment information .
For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the last valid return filed. So if your 2018 information is out of date or your income situation changed in 2019, make sure you file, even if you have no taxes due .
Update On 4th Stimulus Check For Seniors Retirees Veterans And The Disabled
While multiple rounds of stimulus payments have been made over the last two years, many are asking if the government will make another of payments to help folks cope with higher inflation and the rising costs of basic goods and services.
See this article for the past and potential stimulus check payments, including those for seniors. It covers how prior ones were paid, and when or if another round payments will be made in the coming months.
Congress officially nixed a one-time payment of $250 in 2010 to Social Security recipients who havent received cost of living adjustments since 2008. The cancellation of a $250 SSI payment in 2010 was justified on the basis of low inflation . But many seniors are feeling the pinch of inflation, especially around medical services a big-ticket item for seniors. Many believe that the $250 payment would have been a good economic stimulus payment, since theres a good chance that most of the $250 would be spent immediately.
While many seniors could easily survive without the $250, there are also millions of seniors who are struggling to make ends meet , particularly if they have high medical or disability costs. Congress really should have found a way to provide the $250 SSI payment to those seniors who truly need the money, instead of tax cuts for the super-rich.
Update : See the recently announced 2011 Social Security Income Payments
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Do I Have To Pay Taxes On My Stimulus Payment
No. Since the stimulus check is considered a refundable tax credit, it is not classified as earned income. Hence not considered taxable income you will have to report in your 2020 tax return . It also wont affect your income for purposes of determining eligibility for federal government assistance or benefit programs.
This payment also does not have to be paid back if any over payment happens or your gross income in 2020 changes. This includes your income rising to above the qualifying thresholds. If you unexpectedly got the payment, congratulations! You get to keep it now.
Returning Incorrect Stimulus Check Payments
A few people have commented that a spouse, relative or child who died since they filed a 2018 or 2019 tax return received a stimulus check payment. The IRS has provided official guidance on this issue which states that any payments made to someone who died before receipt of the payment should be returned to the IRS in full. The exception to this is for payments made to joint filers and one spouse who had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent
Seniors Worry Most About The Cost Of Food
In particular, the league says, seniors have identified food as their fastest-growing expense.
Since the beginning of the year, nearly one in five seniors have visited a food pantry or applied for the Supplemental Nutrition Assistance Program , formerly known as food stamps, the league reported last month.
Its highly disturbing that such a large number of survey participants have been forced to access food pantries, says Mary Johnson, Social Security policy analyst for the Senior Citizens League. Over the past 12 months, the price of bacon is up 11%, beef up 10.6 % and fresh fish up 8.5%.
As a result, one in four seniors have reported going without meat, poultry, fish and dairy.
Survey participants added their next-biggest financial concerns were housing and medical bills.
At least for now, the Senior Citizens League argues, a $1,400 check would keep people from skipping meals just to afford necessities like home insurance.
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What If You Didn’t Get A First Check But You Should Have Been Eligible To Get One
If youre 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.
Will My Social Security Application Take Longer To Process Because Of The Coronavirus
Possibly. It normally takes about six weeks for the SSA to process your application and start your benefits. Social Security Disability payments typically take five to six months to process. With field offices closed temporarily and phone services prioritizing the most critical requests, delays can’t be ruled out.
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Older Adults And Third Stimulus Checks: Eligibility Rules And What They Mean For You
The IRS continues to send batches of the third stimulus check. If you’re 65 or older, here’s what to know about qualifications, income, SSI, SSDI and retirement, and what to do if you’re still missing stimulus money from the first two checks.
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Alison DeNisco Rayome is a managing editor at CNET, now covering home topics after writing about services and software. Alison was previously an editor at TechRepublic.
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Shelby Brown is a writer for CNET’s services and software team. She covers tips and tricks for apps and devices, as well as Apple Arcade news.
The IRS is in the middle of sending the next wave of third stimulus payments to those who are eligible for the payment. And if you’re age 65 or older, you receive Social Security benefits or you’re a veteran, you will likely receive a $1,400 check . It may be different, however, for individuals with “high” income levels from investments or other sources.
The total amount of this third check also depends on how many dependents you’re claiming this year , or if you’re claimed as a dependent on someone else’s taxes. Tax season may also be a deciding factor this time if you filed a tax return in early 2021 and it’s already been processed by the IRS.
Which Type Of Flu Shot Should You Get
Earlier this year, the CDCs Advisory Committee on Immunization Practices was thinking about recommending certain flu shots, including one high-dose flu vaccine.
Currently, there are three flu shot options that are recommended for older Americans:
- Fluzone High-Dose Quadrivalent: This vaccine contains four times as much antigen as the standard dose. Data has shown that Fluzone creates a more powerful immune response in people 65 and older compared to a standard-dose flu vaccine.
- Flublok Quadrivalent: This vaccine is made synthetically and does not require an egg-grown vaccine virus. It also has an adjuvant. Data shows that it’s likely more effective than standard dose unadjuvanted flu vaccines in people age 65 and older.
- Fluad Quadrivalent: This vaccine is made using an egg-based process, like most flu vaccines. It contains an adjuvant called MF59 to help create a stronger immune response.
According to the CDC, these options are the preferred choice for people over 65 “because a review of available studies suggested that, in this age group, these vaccines are potentially more effective than standard dose unadjuvanted flu vaccines.”
Infectious disease expert Amesh A. Adalja, MD, a senior scholar at the Johns Hopkins Center for Health Security, told Verywell that high-dose flu vaccines “provide more of a stimulus to the immune system and counteract the less robust immune responses often seen in the elderly, who are also one of the highest risk groups for fatal influenza.”
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Most Americans Over Age 65 Will Be Eligible For Any New $1200 Covid Stimulus Check
- 15:41 ET, Nov 9 2020
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.
Although details on the next stimulus package remains unclear, here are what seniors and retirees need to know about their stimulus eligibility.
Inflation Could Send Social Security Soaring
Steeper prices for gas, food, cars and countless other things are squeezing Americans, especially older ones with fixed, often modest incomes.
The league says seniors have been skipping meals and doses of essential medication.
Consumer prices spiked this summer at rates not seen since 2008. But as inflation rises, so will Social Security benefits.
Advocates predict next years cost of living adjustment, or COLA, could be as high as 6.2% the largest boost in nearly four decades. For the average retiree who got a monthly check of approximately $1,543 this year, a 6.2% rise would increase that payment by $96, to $1,639, in 2022.
For 55 million retirees, that would mean bigger benefit checks every month.
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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 arent 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.
