Resources for Seniors
The Coronavirus Aid, Relief, and Economic Security (CARES Act) provides a one-time rebate to taxpayers, a modification of the tax treatment of certain retirement fund withdrawals and charitable contributions; a delay of employer payroll taxes and taxes paid by certain corporations; and other changes to the tax treatment of business income and net operating losses.
Summary: Economic Impact Payments
- Full, $1,200 economic assistance payments for American adults, including for the lowest income taxpayers, and $500 per child.
- All U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible social security number, are eligible for the full $1,200 ($2,400 married) rebate. In addition, they are eligible for an additional $500 per child.
- The advance payment of rebates is reduced by $5 for every $100 of income to the extent a taxpayer’s income exceeds $150,000 for a joint filer, $112,500 for a head of household filer, and $75,000 for anyone else (including single filers).
- This is true even for those who have no income, as well as those whose income comes entirely from non-taxable means-tested benefit programs, such as SSI benefits.
Social Security and SSI recipients are eligible for the rebate payments:
- Everyone is eligible for the full rebate payments as long as they have an SSN and their household income is not too high. Rebate payments start to phase out at the thresholds of $75,000 single, $112,500 head of household, and $150,000 married.
- This includes Social Security beneficiaries (retirement, disability, survivor) and Supplemental Security Income (SSI) recipients.
- Like other tax credits, these payments do not count as income or resources for means-tested programs. Receiving a rebate will not interfere with someone’s eligibility for SSI, SNAP, Medicaid, ACA premium credits, TANF, housing assistance, or other income-related federal programs.
- These rebates do not affect receipt of state or federal unemployment compensation.
- Read more about the CARES Act and Social Security here.
Local Resources for Seniors:
- The Joslyn Center has compiled a list of grocery stores offering senior shopping hours, grocery stores with home delivery, and other local assistance programs. You can also find a list of restaurants that deliver here.
- The State of California has announced a news state-wide meal delivery program for seniors as well as several other initiatives to help seniors who are self-isolating.
- In partnership with the California Department on Aging, the State of California has launched the Social Bridging Project. You can call the Friendship Line of California at 1-888-670-1360 if you are experiencing anxiety, loneliness, and isolation.
- The FBI has released warnings about recent scams targeting seniors during the COVID-19 pandemic. You can read more about how to identify scams that are attempting to steal personal information by promising free tests or expedited economic impact payments here.