Unfortunately, if the IRS uses the 2019 tax return, this individual might be disqualified from receiving a COVID-19 stimulus check or will receive a greatly reduced amount. For example, someone may have made $125,000 during tax year 2019, but suddenly lost their job in early April 2020 causing their total income for 2020 to take a nosedive. This is noteworthy because your 2019 tax return may not be reflective of your current income status. Many Americans lost their jobs or had their hours reduced dramatically, which is likely going to impact their total income for tax year 2020. Change in Income Can Affect How Much Stimulus Money You Receive The government typically uses recent tax filings to determine an individual’s income in most cases. For example, only individuals making less than $75,000 are eligible to receive the full $600. Fourth, your income will dictate how much you receive. Second, you must not be claimed as a dependent on another individual’s tax return. First, you must have a valid Social Security number. Eligibility Requirements to Receive a Coronavirus Relief Stimulus CheckĪs mentioned earlier, recipients of disability benefits are not excluded from receiving the stimulus checks, but there are specific requirements that must be met in order to qualify for these funds. Generally, to qualify for Social Security disability benefits, you need to have worked in an area of employment covered by Social Security and received a diagnosis for a medical condition that has left you disabled and unable to work. The process of assessing eligibility for disability benefits is not dependent upon on your income or assets. If you are concerned that receiving a stimulus check will hurt your chances of receiving social security disability benefits, do not fret. Impact of the Coronavirus Stimulus Check on Your Eligibility for Disability Benefits In addition, if you have a child under the age of 17, you will likely receive an extra $600 check. If you filed your federal taxes jointly, there is a chance you will receive a $1,200 check. The legislation stipulates that, in general, individuals currently receiving disability benefits are eligible for the Coronavirus relief checks. If the bill is officially enacted, many Americans should expect to receive a check from the federal government for $600 per person. Though, as of the date of this post, the President has yet to officially sign the bill into law. House of Representatives and Senate on December 21, 2020. This massive Coronavirus relief bill passed in both the U.S. If you are currently receiving Social Security Disability Insurance benefits, you may be wondering whether you qualify for the stimulus checks appropriated in the $900 billion legislation recently passed by Congress.
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