Can Social Security Beneficiaries Get a Stimulus Check?
Millions of Americans collect Social Security and use that income to cover their retirement expenses. If you're a current beneficiary, you may be wondering whether you're eligible to collect some money thanks to the massive stimulus package that was recently signed into law in response to the COVID-19 crisis.
The short answer is that being on Social Security does not exclude you from collecting a stimulus payment. But Social Security may be just one piece of your total income puzzle, and that, in turn, could impact your ability to snag that one-time payment.
The new stimulus package is designed to give Americans whose income falls below a certain threshold $1,200 per adult and $500 per qualifying dependent child. Single tax filers with an adjusted gross income (AGI) of $75,000 or less will get the entire $1,200, but from there, it phases out so that single filers earning $99,000 get nothing. For married couples filing jointly, the income threshold to receive a full stimulus payment is an AGI of $150,000. From there, the phaseout begins so that joint filers earning $198,000 get nothing.
Source Fool.com
