The fourth stimulus checks payment has still not arrived, and we still do not have the official confirmation that was rumored last week. However, we have great news for thousands of seniors, who will see $2000 in their pockets every month. Find out if you are eligible and which days you will receive the money thanks to this new program that will start to be distributed before the summer by surprise.
New stimulus checks in 2024? Only for seniors, and in monthly payments
Generally, the economic consequences of the pandemic mostly affected Americans and among seniors whose livelihood depends on the fixed incomes. The government chose to make a few stimulus notes over the 2020, and 2021. Now 2024, there are new introduced stimulus programs like this one you are about to know.
With a goal of providing uninterrupted financial assistance to seniors in the midst of ongoing economic recovery, Congress approved the start of monthly stimulus checks for people 65 or higher in the amount of $2,000 from 2024 (one of the rumored programs that we told you about a few days ago).
The stirring of fresh stimulus bills might soon mean more aid for the pockets of the seniors with extra dollars falling into their bank accounts or mailboxes. Continue reading to know about the terms of eligibility and how to claim this financial help granted if the proposal is accepted.
These are the income limits for this new stimilus checks for seniors
Only taxpayers with an AGI with $75,000 or under remains qualify for the full $2000 credit. The major requirement is that the taxpayer must be 65 years of age or older (including this one) to be eligible. To qualify, these are the basic income levels:
- $75,000 yearly for individuals (with no exceptions, for the time being).
- $125,000 for households (if all are Social Security beneficiaries, then we detail the exception).
In the case of married couples, the income limit is $150,000 to get the full $2000 stimulus checks. If it is exceeded, the capital will be reduced proportionally according to the table to be published by the IRS. Don’t forget that this assistance is compatible with the CTC (Child Tax Credit) that we explained several days ago.
Either your AGI of your most recent, either 2020 or 2021, tax return, or your AGI of your most recent, either 2020 or 2021, tax return, your income may fall under the income limits. The payment phase is based on the AB intermediary basis.
Are you a Social Security beneficiary? Pay attention to what will happen
Our next batch of social security recipients will automatically qualify for monthly stimulus of 2000 dollars for the rest of the year. Social Security Administration will use the data they keep in their records to decide who gets the payments and then make the payments directly to beneficiaries.
An older adult who has gross monthly income $2000 or less ($4000 or less for a married couple) can get a full $2000 stimulus payment. A participant of the Social Security that also receives additional income from other sources will only receive money from the stimulus if their gross monthly income is greater than the thresholds.
SSDI beneficiaries also qualify to receive the US Treasury stimulus payment irrespective of their age. The age perhaps comes into play as the SSA determines if an individual is eligible for this benefit. Far as they continue on the SSDI rolls, they will also be entitled to the $2000 monthly payments made to them.
This new round of stimulus checks for seniors is one of the most ambitious that has been distributed, with $2000 that you will receive each month for your pocket. In fact, there are other states planning to do the same and we will inform you about it soon, so you just have to keep your eyes open (while you are applying for this new social benefit, so you don’t run out of time).
