Will Senior Citizens Get a Coronavirus Stimulus Check in 2020?

Many are asking, will senior citizens get a stimulus check in 2020? There's been some confusion over who will receive and when coronavirus stimulus checks will be sent. Coronavirus Guide for Senior Citizens (COVID-19) Our senior citizen readers are especially concerned as so many are on a fixed income or are considered low-income. According to the government, it estimates that checks will be sent as early as April 6th, 2020. We suspect it could take a few weeks according to what's being reported. What's New in the Final Stimulus Bill? New consideration was given to Head of Household filers Social Security recipients / non-filers are included in the stimulus Tax Liability requirements removed Minimum income requirements removed The "Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act" has been described as a bill "to provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic." In reference to stimulus checks, the bill was written to consider income from your filed tax return from 2018 (2019 if filed and when the previous year is unavailable) or social security 1099. Income and US residency is the only determining factor, NOT age. Here are the common questions we are receiving from seniors about this stimulus package. Will Low-Income Seniors Get a Coronavirus Stimulus Check? Yes, the bipartisan bill that passed removed the "qualifying income" requirements and tax liability limitations making more seniors eligible. Any income to include social security can now be considered in this bill. Many have espoused this bill as being somewhat less generous with low-income earners. Take a look back at our article on the 2001 stimulus package: Low-Income Retirees Ignored in Stimulus Package Spending Your Rebate: Our Ideas Are Retired Seniors Included in the Stimulus Package? Yes, from what we can tell, all seniors will receive something as long as their income isn't above the stated limitations below. Most retired seniors aren't making over $75,000 a year, so we can safely assume you'll receive the full amount. Will Seniors Who Don't File Taxes (or Social Security) Get Money from this Stimulus? Yes, you are not required to file federal income taxes to receive a stimulus check. Will Coronavirus Affect Social Security for Seniors? The government will use either your Form SSA-1099 (Social Security Benefit Statement) or Form RRB-1099 (Social Security Equivalent Benefit Statement) to determine how much you will receive. Will Some Seniors Be Excluded from the 2020 Stimulus Package? Yes, but only high-income earners with no qualifying dependent children. Can Banks Keep Stimulus Payments from Seniors? What are some examples of seniors that will be left out? Single seniors making over $99,000 per year with no dependent children Married joint-filing seniors making over $198,000 per year with no dependent children How and When Will Seniors Receive Their Stimulus Check? How seniors receive their stimulus payment totally depends on the individual. For those that receive direct deposit through social security or when they file taxes will get it that way. For those that have physical checks mailed to them, will get them that way. We suspect that payments will start sometime in April 2020. The IRS has now provided the option for you to check your payment status. You can do the following on the IRS Economic Impact Payments webpage: Monitor your payment Select check or direct deposit payment Enter banking direct deposit information Update your mailing address for checks How Much Will My Coronavirus Stimulus Check Be? Hint: Check out our calculator below. We've put together a simple table for you to estimate how much you receive according to this bill. By default, your stimulus check will be $1,200 ($2,400 for joint filers). An additional $500 stipend will be added for each qualifying dependent children. Dependent Children Qualifying Children Check Number of Children x $500(x)* * Example, 3 qualifying children $1,500 Single Filers / Non-Filers^ Adjusted Gross Income Check up to $75,000 $1,200 $75,000 + $100(x) $1,200 - $5(x) $99,000+ $0 + Example $75,100 would receive $1,195 (or Tax Liability if lesser) * Form 1040 line 22 for most (i.e. "Amount You Owe" line) ^ Non-Filers include Social Security and pension recipients Head of Household Filers Adjusted Gross Income Check up to $112,500 $1,200 $112,500 + $100(x) $1,200 - $5(x) $136,500+ $0 + Example $112,600 would receive $1,195 (or Tax Liability if lesser) * Form 1040 line 22 for most (i.e. "Amount You Owe" line) Joint Filers Adjusted Gross Income Check up to $150,000 $2,400 $150,000 + $100(x) $2,400 - $5(x) $198,000+ $0 + Example $150,100 would receive $2,395 (or Tax Liability if lesser) * Form 1040 line 22 for most (i.e. "Amount You Owe" line) Coronavirus Stimulus Check Calculator (Estimator) We've tried our best to make estimates based on what we've read from this bill. Things may change, but we think this coronavirus stimulus check calculator provides figures close to what's explained in the bill. (No Guarantees) Please let us know if corrections are needed.

Will Senior Citizens Get a Coronavirus Stimulus Check in 2020?

Coronavirus Stimulus Check Calculator (Estimator)

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Will Senior Citizens Get a Coronavirus Stimulus Check in 2020?

Coronavirus Stimulus Check Calculator (Estimator)

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