Are Social Security Recipients Eligible for the 3rd Stimulus ?
President Biden signed the American Rescue Act legislation that will provide people with stimulus checks of up to $1,400 for eligible individuals. On March 10, the U.S. House of Representatives voted 220-211 to pass the same version of the $1.9 trillion American Rescue Plan Act. The Senate made many changes to the version of the bill the House of Representatives passed on Feb. 27, including how the third round of stimulus benefits would be paid. Now that the president has signed it, government agencies will begin to disburse the funds.
There are differences in the amount of money available in the new round of stimulus payments compared with the previous rounds of stimulus checks. one major change is the amounts for dependents. In this 3rd round of stimulus checks, eligible dependents will receive more than twice the amount they received in previous rounds. Here's what you need to know about the third batch of stimulus checks.
How much will I get, and am I eligible? The maximum amount for the 3rd round of stimulus checks will be $1,400 for an eligible individual and $2,800 for an eligible couple filing taxes jointly. Each eligible dependent, including even adult dependents, can also qualify for a payment of $1,400.
Under this version of the bill, single adults who reported $75,000 or less on their 2019 or 2020 tax return will receive the full $1,400 payments, as will heads of household who earned $112,500 or less. Couples filing jointly who earned $150,000 or less will receive the full $2,800. The amount of payment will gradually decrease for those who earned more than those amounts.
The cut off: Single filers who earned more than $80,000 in gross income, heads of household who earned more than $120,000, and couples filing jointly with more than $160,000 will not receive stimulus payments in this 3rd round.
I made less money in 2020 than I did in 2019, will that affect my third stimulus check?
The new legislation says the Treasury Department can use information from your 2019 or 2020 tax returns to determine your eligibility for the 3rd stimulus payment. If you lost your job in 2020 or saw a lathe drop in your income compared to 2019, you should file a 2020 tax return as soon as possible. Your 2020 tax return could help your eligibility. What about Social Security recipients? Are they eligible?
According to the legislation for the 3rd round of stimulus checks, you will not need to take any additional steps to receive your third stimulus payment if you already receive federal benefits such as:
Social Security Old-Age retirement, Survivors or Disability Insurance
Supplemental Security Income (SSI)
Railroad Retirement Board benefits
Veterans Affairs (VA) benefits
When will I get my stimulus payment?
Now that the president has signed the the bill, the 3rd stimulus check could go out beginning in late March or sooner. If the Treasury Department already has your bank account information, you will most likely receive your payment by direct deposit. If the treasury department does not have that information, you may receive your payment by hard check or debit card, so please be sure to check your mailbox.