Welcome Guest. Register Now!  


For 2020 Tax Tips For Year 2020.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 05-10-2020, 08:01 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Are Social Security recipients eligible for stimulus checks?

Per the IRS, individuals who are collecting Social Security benefits for retirement, disability or Supplemental Security Income (SSI) will be eligible for the stimulus payments, and low-income Social Security recipients will also receive the full $1,200 check, not $600 as originally proposed.

The size of the check will decrease based on income for individuals who earned more than $75,000 based on their federal tax return for 2019 (or their 2018 return if they have not filed yet). The payment for individuals will shrink by $5 for every $100 earned over $75,000. For couples who filed jointly, the reduction will start once they earn more than $150,000; for heads of household, at $112,500.

Individuals who earned more than $99,000 and couples who earned more than $198,000 jointly will not receive checks. The income cut-off for heads of households is $136,500.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Social Security owehmeyer Income 1 02-19-2015 08:58 PM
Never had to pay tax on social security before. Why now? scrltlttr1 Social Security 1 01-29-2014 08:21 AM
Social Security and Supplemental Security Income (SSI) Benefits related taxpros For 2013 0 11-27-2013 03:30 PM
What are cost of living increase for Social Security recipients in 2011? TaxGuru Social Security 1 10-26-2011 02:10 AM
Would Social Security Income qualify to receive the tax stimulus rebate? chrisk For 2008 1 06-04-2008 10:22 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.