The internet is filled with news about a new stimulus check for Senior citizens in 2024. They say $600 will be given to eligible seniors, while other sites claim $750. The news spread fast on social media, and the topic trended. This rumour has prompted the Social Security Administration(SSA) to release an advisory.
Stimulus Check for Seniors in 2024?
The Office of Inspector General(OIG) of the SSA has released an alert warning vulnerable Seniors against falling prey to scammers. The OIG states that all increases are automatically included in beneficiaries’ SSI benefits. They do not need to do anything extra to receive these benefits.
The OIG states that the Cost of Living Adjustments (COLA) will happen in October. Nothing has been done about COLA till August. If the COLA is increased in October, beneficiaries will start receiving this increase in their social security checks from January 2025.
Scammers try to bait vulnerable seniors by luring them with false promises of benefits and trying to get their personal information to steal their money, identity or both.
“Reports of a $600 payment increase are FALSE, please be aware and don’t fall for this stunt,” said Social Security Commissioner Martin O’Malley. “We are alerting the public to these falsehoods, and we are addressing these bogus claims at the source. No Cost-of-Living Adjustment (COLA) increase will occur until January 2025.”
The Social Security Agency has since the 1980s released the COLA figures in December. They also send notices to the beneficiaries that month to inform them about the COLA amount they can expect in January. Beneficiaries can also check this information online: https://www.ssa.gov/myaccount/
Which Stimulus Check Can Be Claimed in 2024?
Covid was a time of significant disruption. The world shut down, and people battled for their lives overnight. Governments were caught unaware at the speed with which the virus paralysed nations. In this time of great distress, the USA Senate approved two landmark bills to help its citizens and the country’s economy. The two essential bills were the CARES ACT of 2020 and America Rescue Plan 2021. This article details the economic stimulus received by citizens under these acts and the process to avail the last stimulus in 2024 if it was not received in 2021.
What was the Economic Stimulus Received by Citizens in 2020 – 21?
Three Economic Impact payments were given to citizens to ease distress during that crucial period. Many people had lost jobs, some were battling covid, and the economy was in a downward spiral. The three payments received were as follows;
- The first payment under the CARES Act gave each tax filing and paying individual $1200 and $500 for each dependent child inder the age of 17. The eligibility for this payment was individuals making less than $75000 a year or $1500000 in case of joint filing with a spouse.
- Under the Tax Relief Act of 2020, an additional payment of $600 for tax paying and filing individuals was granted. A dependent child under the age of 17 also received $600. Individuals with higher Adjusted Gross Income received less.
- Under the American Rescue Plan, the third economic stimulus income was transferred in 2021. Each tax-paying and filing individual received $1400. A dependent child under 17 also received the same amount. The third stimulus also paid $1400 for other dependents of the tax payer. People making $75000 were eligible for this stimulus. Taxpayers making upto$80,000 received partial payments.
This economic stimulus gave citizens some comfort in a time of great uncertainty. They could use the money for essentials, pushing more money into the economy. The main aim of any stimulus offered by the government is to boost the economy. This economic stimulus provided by the government was an advance tax rebate. The previous year’s tax filings were considered for selecting eligible individuals.
The government ensured that all individuals, even the poor and homeless, could access it even if they had not filed any taxes in 2019. They had to visit the IRS website and fill out an online form, ‘no filer,’ to access these stimulus checks.
The money was transferred directly into the recipient’s bank account per the details listed in their previous year’s tax returns. If a bank account was unavailable, there was a provision for receiving this money through paper checks or debit cards.
How Can This Stimulus Check Be Received In 2024?
There is no new economic stimulus check being given by the government at the moment. All eligible people have received the three checks disbursed by the government during 2020 – 21.
However, if someone eligible to receive the stimulus has not received it for any reason or has received less money, they can still apply for the third one as a tax credit.
The date to claim the 2020 payments of $1200 and $600 has lapsed in May 2024, as the IRS allows three years to file a return and claim for a tax year.
However, individuals can still file for this tax credit called the Recovery Rebate Credit for the 2021 Economic Impact Payment (stimulus) of $1200. Such individuals must file their tax return or amended tax return for 2021 by April 15, 2025. The original last date for filing tax returns for the year 2021 was April 18, 2022. A golden chance to receive this rebate if it still needs to be received. Such individuals need to visit the IRS website and proceed with the process of Recovery Rebate Credit, as mentioned there.
Some Questions Regarding Stimulus Checks 2024
- Is the IRS going to give a 4th stimulus check?
The IRS is not releasing a fourth stimulus check. The Acts allowing for these stimulus checks were for 2020- 21. They allowed for three payments by the IRS, which have been received by beneficiaries by 2021.
- Is the Congress increasing Social Security benefits?
There is no such consideration currently.
- Will Seniors and disabled persons receive a stimulus of $600?
The Social Security Agency has shared no news regarding this.
- How will I know if I am eligible to get this $600 stimulus?
The SSA has yet to issue any stimulus payment for seniors in 2024. Existing beneficiaries automatically receive all benefits.
- How do I get the stimulus $600 check this year from the SSA?
No stimulus of $600 or $750 is given by SSA in 2024.
- Do I need to apply for this new stimulus check for 2024?
No, these are false rumours. There is no new stimulus check being given by the IRS or SSA. Do not share your personal information with scammers who say they can help you get this money.
- Will Social Security increase the cost of living in August?
The SSA will review COLA in October and then let beneficiaries know if there is any increase in COLA.
- How will I know if there is an increase in COLA?
The SSA sends notices to beneficiaries in December.
- When will I get the check with increased COLA?
Any increase in COLA, if applicable, will be reflected in payments to beneficiaries from January 2025.
- Can I claim the stimulus given by the IRS in 2020?
No, The time to file a claim for the 2020 stimulus lapsed in May 2024.
- Can I claim the stimulus given By the IRS in 2021?
You can file tax returns or amended tax returns for 2021 by April 18, 2025, and claim that stimulus as a tax rebate if you are eligible.
Conclusion
The internet is buzzing with rumours of different stimulus checks that senior citizens or disabled persons can claim. This has led the SSA to release a statement refuting these claims. They further ask the general public to be cautious of scammers who may be out to get their personal information.
The only stimulus that can still be claimed in 2024 is if a person eligible to receive the covid stimulus package of 2021 has yet to receive it. They can file a tax return by April 18 2025, to claim it as a tax rebate.
The internet is a valuable tool to get information. The citizens are advised to know that any increase or benefits will be communicated to them via official channels. They can log into their IRS accounts or Social Security accounts to see if they are eligible to get any extra benefits. They should not trust random sources or persons. They should not share personal information or pay individuals a fee to get such claimed benefits.
