Stimulus checks and older adults: How eligibility would change for retired

If you’re an older or retired adult seeking answers about a third stimulus check, for up to $1,400 per person, including when your new payment could arrive, who would qualify and if there would be any changes to the rules for dependents, you’ve come to the right place. We’ve been following every twist and turn in the buildup of President Joe Biden’s $1.9 trillion stimulus package, including how Democrats could attempt to pass it without Republican support.

For example, we have the low-down on how the third stimulus check would be targeted and who that may affect. We also know how a third check coinciding with tax season could play a role. We also walk you through what to do if you never got all or any of the stimulus payment you may be entitled to receive. For example, you may have to claim it as an IRS Recovery Rebate Credit on your taxes (even if you’re a non-filer) or request an IRS payment trace to track down those funds.

We also address some concerns you might have that could affect the amount of money you’re owed, including your tax filings, adjusted gross income, pension, Social Security benefits (such as SSI or SSDI) and whether you count as someone else’s adult dependent. Read on for more details. This story is frequently updated.

Who’s an older adult, according to the IRS definition?

Anyone aged 65 or older at the end of 2019 is considered a senior adult on their taxes that year and beyond. (If you have questions about citizenship requirements, see more below.)

Am I eligible for stimulus check money?

For the first and second stimulus checks, whether you were eligible for any stimulus money (and if you were, how much money you could receive) depended on whether you were considered a dependent and the amount of your adjusted gross income, or AGI, from your 2019 federal tax filing. 

If you have a pension or investments that are taxable, those will affect your AGI, and therefore your eligibility for a stimulus check. The same is true for interest from a bank account. However, interest from tax-exempt bonds isn’t included in your AGI, so it wouldn’t affect your stimulus payment eligibility. 

For a potential third stimulus check, some of the eligibility rules are likely to change — read on for more.

Now playing:
Watch this:

Stimulus check No. 3: What you need to know

2:59

Will I get more money — or less — if the third stimulus check changes the rules?

There are several ways that qualifications could change with a third stimulus check. Biden’s proposal also includes a payment of up to $1,400 for all dependents, no matter their age, to be added on to the household’s total. That means if you support an adult dependent, for example a college student, you may be able to get a higher stimulus check balance in the next round, if this qualification makes it into the final bill.

The move, if approved, would provide money to households on behalf of an estimated 13.5 million adult dependents, according…