Confused about those stimulus checks? Many questions have arisen with regard to the federal government’s payments to individuals and households under the CARES Act (Coronavirus Aid, Relief and Economic Security Act). Here are details…
Who is eligible?
Individuals and married couples who have filed 2018 or 2019 income tax returns. Anyone claimed as a dependent on someone else’s return is not eligible.
Individuals whose income level exempted them from filing a tax return but who receive Supplemental Security Income (SSI), Social Security Retirement, Disability, Survivors or Childhood Disability (Disabled Adult Child) benefits, Railroad Retirement Board or VA benefits.
All eligible individuals must possess a Social Security number.
If this is a concern, these individuals (or their representative payees, agents or guardians) may wish to investigate the use of ABLE accounts or pooled supplemental needs trusts to allow the funds to be held for a period beyond the 12-month disregard, to be used at some future point in time when the need arises.
