What to know about taxes and stimulus checks

What to know about taxes and stimulus checks

Some seniors are confused about their status regarding “stimulus checks,” the government payments designed to help people through the difficulties caused by the COVID-19 pandemic. This is not surprising, as there have been a total of three rounds of payments, authorized by two separate acts of Congress. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed early in 2020, and the first round of payments went out in April of that year. A second round of CARES payments was authorized in Dec 2020. The April payments were set at $1200 for single filers and $2400 for couples filing jointly, while December’s were for one half those amounts ($600 per individual and $1200 per couple).  Income thresholds for both CARES payments were the same: up to $75,000 for single filer and $150,000 for couples filing jointly. Both CARES payments phased out slowly above those thresholds. In March 2021, a third round of stimulus payments was authorized by the American Rescue...
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