Potential President’s Day Stimulus Checks: Amount, Eligibility, and Claiming Process

Updated on February 19, 2024

Discover the latest info on the upcoming President’s Day Stimulus Checks – find out the amount, eligibility details, and how to claim them. Americans have eagerly awaited this much-anticipated stimulus, and we’ve got the freshest updates right here in this article.

New Stimulus Checks on President’s Day Coming?

The IRS has distributed three rounds of stimulus payments during and after the pandemic, and now there’s anticipation for a fourth stimulus. While authorities have announced its imminent release, eligibility is limited, with only a few states approving disbursement. Those who missed any of the first three stimuli can still claim them by filing previous year’s returns. For the upcoming stimulus expected around Presidents Day, citizens are hopeful for much-needed financial assistance.

New Stimulus Checks Amount

In this latest stimulus, individuals will receive amounts based on pension categories, with specific amounts allocated for each category. The authorities have confirmed the release of a $1.5 trillion fund, benefiting regular SSI and SSDI recipients, including stimulus checks. While the fixed amount of $1400 applies to all categories, additional funds will be provided to pensioners or disabled individuals. Families and pensioners with over four members can anticipate a stimulus of $5200.

Who is Eligible For New Stimulus Checks?

To qualify for the new stimulus checks, specific eligibility criteria must be met. This section outlines the fundamental requirements to receive these payments.

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Age

There’s no age limit for receiving the stimulus; it is extended to all candidates receiving regular benefits under SSI and SSDI.

However, candidates eligible for the additional $5200 pensioner benefit must be retired and above 65 years of age.

Residential

To be eligible, interested candidates must be permanent and legal residents of the country. They need to possess all the necessary documents that confirm their residency.

Income limit

For single individuals, the adjusted gross income of the family must be below $75,000. Families with more than four members should have a net income not exceeding $150,000. Candidates with incomes slightly higher than the specified limit are still eligible to apply, but they may receive a partial amount for the benefit.

Asset limit

The candidates’ assets will be taken into account when calculating the disbursement amount. This includes savings in cash or personal accounts, inherited property, and other assets. However, the current residence will not be considered as an asset. If candidates own property outside the country, the value of that property will also be taken into consideration.

Social Secuirty number

Candidates must possess a social security number issued during the registration of their accounts with the Social Security Administration (SSA).

Disability Benefit

Disabled candidates need to submit all relevant documents, including medical or treatment prescriptions, to qualify for the stimulus. Candidates with a temporary disability will receive a partial payment, while those with long-term causes may not be eligible for the full payment.

How to Claim New Stimulus Checks?

Candidates don’t need to apply for the stimulus checks; if they are already receiving regular payments under SSI and SSDI, their accounts automatically qualify. However, the Internal Revenue Service will verify each account, and only eligible candidates will receive the stimulus amount. The stimulus checks will be distributed alongside their regular payments.

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As the disbursement is imminent, candidates are encouraged to stay informed by checking the “My Account” portal for the latest updates on the stimulus and to track the payment schedule.

 

 

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