One of the best things about the stimulus checks provided by the United States federal government is that they help financially those who need it most. Thanks to these checks, many families are able to pay all of their monthly expenses without any problems. In this way, those most in need can have a slightly better lifestyle, even if only for a little while. Not all United States citizens can access these checks, but a large part of them can.
In addition, for many of these people there may be a stimulus check of up to $3,200. It all depends on the individual economic situation. And not only that, as individuals and couples who have no taxable taxes due to a low income can claim until November 15 these payments to check if they are entitled to a help. They just have to fill out a simplified tax return form and thus get this check, if they are eligible.
On the other hand, anyone earning less than $75,000 a year can get up to three stimulus checks. These checks have different amounts. In addition, in the case of joint filers, the maximum limit is $150,000 per year. Being able to get a stimulus check or a Child Tax Credit can be a relief for most of these families.
Stimulus checks for many Americans
In the United States Congress, government leaders passed several stimulus checks totaling $931 billion. This amount of money was sent in three different waves. The idea behind these stimulus checks is to alleviate the past pandemic. In addition, many of these checks are given out automatically, meaning that you don’t have to do anything in order to receive it.
Still, there are many people collecting Social Security who are wondering if they can receive these stimulus checks to give them a little extra help with finances at home.
Can seniors on Social Security receive these checks?
In most cases, this is not the case because these stimulus checks are tied to taxes. A large percentage of retirees collecting Social Security do not pay taxes. Therefore, there are no taxes that the federal government has to pay back.
In the event that the retiree collects Social Security while working, he or she may be entitled to one of these stimulus checks. If you have any doubts in this case, consult an advisor who can tell you directly what you can do to claim the amount.
And one of the best things about these checks is that you don’t need to pay taxes on the amount they offer. So it doesn’t add extra to next year’s tax return.