Recently, the Fourth Stimulus check proceeds are being held. These funds aim to help the elderly deal with inflation. The funds are held back by the Treasury Department.
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.”
As per the protocol, the senior citizens are required to produce certain documents to apply for a stimulus check and get financial aid from the government. 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).
In certain cases, additional documentation is required. It should be noted that seniors who are 60 years and above will automatically receive the stimulus check without applying.
The check amount is $250 for single filers earning less than $25,000. 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 elderly Americans are eligible 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 for the first two weeks of August.
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.”
As per the response received from IRS, 1.8 million returns had been filed on the Child Tax Credit for the first fortnight of August. If reports are to be believed then the Child Tax Credit was only available for children under 17 years old in 2008. President Ronald Reagan first started the child tax credit during his first term.
The Child Tax Credit is now fully funded by the federal government. According to 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. The maximum amount that any taxpayer can claim in any given year is limited to $2,500. Right now, the child tax credit is $1,000 per qualifying child under the age of 17.
However, this August has seen another delay which means that American families may receive less than what they would have received in August of 2018.
