Fourth Stimulus check proceeds are being held back by the Treasury Department. The funds are intended to help senior citizens struggling with rising inflation.
Senior Citizens League President John L. Hishta said in a statement, “With stagnant incomes and escalating health care costs, many seniors are struggling to buy food, pay utility bills and keep their homes at a reasonable temperature.
Many have skipped meals in recent years because food costs have increased faster than their limited incomes. Others have not been able to get the medical care they need or have had to go without needed prescription drugs.
Some have even visited the doctor and been told they need a specific test but can’t afford it.”
For seniors to get financial aid from the government, they must apply for a stimulus check. The following documents are required for application:
- Social Security Number
- Date of Birth of Applicant and Spouse
- Documentation of Income electronically filed taxes from the previous year (2007 taxes).
- Documentation of Adjusted Gross Income (AGI) from the previous year (2007 taxes).
Additional documentation is required in specific cases. However, seniors who are 60 years old and older will automatically receive the stimulus check without applying.
The check amount is $250 for single filers earning less than $25,000 in adjusted gross income in 2007. The check is cut at 50 percent for filers who earn between $25,000 up to $30,000 in AGI.
After reaching the threshold of $30,000 of AGI, the recipient will not be qualified to receive the money.
About 60 percent of older Americans are set for automatic checks this year. Another report from IRS stated that more than 1.8 million returns had been filed on the Child Tax Credit (CTC) for the first two weeks of August.
$1400 Payment for Seniors Gets Strong Push
Senior citizen league president John Hishta said, “With the government’s inaction to solve the economic crisis, our seniors are concerned about their ability to maintain food security and obtain prescription drugs.
Seniors are struggling to pay for necessities, including food, heat, and medication. We implore Congress to pass a fourth stimulus check for our seniors.”
A response from IRS stated that 1.8 million returns had been filed on the Child Tax Credit (CTC) for the first two weeks of August.
The IRS also said the Child Tax Credit was only available for children under 17 years old in 2008.
It means the system was designed for a child above this age; a child will not qualify. In addition, a married couple can get a maximum credit of $1000 per child, up to two children ($2000 total) per tax return. The credit is refundable and extends to taxes paid from 2005 through 2008.
September Child Tax Credit Delayed
The child tax credit is arguably the most crucial tax credit for American families. President Ronald Reagan first started the child tax credit during his first term.
The child tax credit was first financed through payroll withholding. However, it is now fully funded by the federal government.
Under the law, if a low-income family has one or more qualifying children, they are eligible to receive up to $1,000 per qualifying child to offset their federal income taxes.
The child tax credit begins with the birth of a child. For each qualifying child, the taxpayer is entitled to receive a tax credit worth $1,000 or up to $2,500, depending on their modified adjusted gross income (MAGI).
The maximum amount that any individual can claim in any given year is limited to $2,500.
The credit does not need to be repaid. It can be carried forward to future years. IRS automatically pays the credit to qualified families.
Right now, the child tax credit is $1,000 per qualifying child under the age of 17. Historically, it has increased approximately $60 each month.
➡️ We hear you. The #IRS is currently looking at instances where some individuals have not yet received their September #ChildTaxCredit payments, and we will share more information as soon as possible. https://t.co/PjHsV2XjwK
— IRSnews (@IRSnews) September 18, 2021
However, this August has seen another delay of $50. This means that American families may receive less than what they would have received in August of 2018. It could be as little as $800 if they qualify for only one or two children’s credit payments.
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