Wondering if you will be receiving the third stimulus check? Want to know just how much money you can expect to receive? If you are 65 years or older, here’s all you need to know about your eligibility to receive the third stimulus check.
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Who is categorized as an older adult by the IRS?
Anyone who is aged 65 years or older at the end of 2020 is regarded as a senior adult on their taxes for that year and beyond. Keep in mind that the IRS notes that you are considered 65 years of age on the day prior to your 65th birthday.
Eligibility for the third stimulus payment
If you are 65 or older, a veteran, or you receive Social Security benefits, you will likely receive a third stimulus check. The exact amount, however, may be different for individuals with high-income levels from, say, investments or other such sources. The total amount you receive will also vary based on how many dependents you are claiming this year (if any) or if you are claimed as a dependent by someone else on their taxes. Tax season is also another deciding factor this time.
For the first two stimulus checks, your eligibility depended on the amount of your AGI from your federal tax filing and whether you were considered a dependent. Your AGI refers to your gross income minus eligible adjustments that you may qualify for.
For the third stimulus check, a few eligibility rules have changed in the final version of the bill. The new law includes a payment of up to $1,400 for all your dependents, no matter how old they are, to be added on to the total for the household. This means if you are supporting an adult dependent, say, a college student, you may be eligible to get a larger stimulus payment.
The new bill also includes families with “mixed-status” citizenship, where different members of the family have varied immigration statuses.