- You probably never thought of these as Qualifying Medical Expenses - February 3, 2021
- Who is Eligible for a Stimulus Check? - December 30, 2020
- It’s Not There Yet… But the New COVID Relief Could Mean to You - December 23, 2020
How do you make sure to get your stimulus check and even qualify for any upcoming checks?
Generally many people will qualify for the check but there are some that won’t. For example full time students won’t qualify for a check.
Also, in order to get a check you have to earn under $75,000 (single) or under $150000 (married) filing jointly – Adjusted Gross Income (AGI). This isn’t taxable income it is AGI. Thus this is your gross income… minus your business deductions and any pension or IRA contribution… although you do add back non taxable income such as tax free earnings in this computation. Thus if you want to get your adjusted gross income under these amounts – maximize your business deductions as noted in our videos and webinars and maximize your pension contribution before the end of the year.
Who is eligible for the current $600 per person stimulus payment? Although much of the population will be eligible – even those who are incarcerated – there are a number of people who aren’t qualified to receive it. Take a look below to see if you qualify.
1. Individuals: with AGI less than $75,000 (will receive a partial payment if their AGI is less than $87,000)
2. Joint filers: AGI of less than $150,000. Will receive partial payment if AGI is less than $174,000.
3. Dependent children under age 17: $600 each with no limit.
4. Families with non-citizen spouses will qualify if they meet other qualifications.
5. US Citizens living abroad.
6. Social Security recipients.
7. Incarcerated people: Was to be excluded but is now included.
8. People who who back child support: Included in latest bill
9. Non-US Citizens living in US: Qualified residents here with green card will qualify.
10. Undocumented persons without social security number will NOT qualify.
11. Non-citizens who pay taxes: not included unless they have a qualified US spouse.
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