People drawing disability and retirement benefits will receive the recently authorized federal $1200 stimulus payments related to COVID19.
The bill directs payments of $1,200 to individual taxpayers, with $500 for additional children, following a complex formula that reduces payments for those earning higher incomes. It is based on your annual Social Security statement.
Will all of us get them? It depends on your income. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less would get the full amount. Married couples with no children earning $150,000 or less would receive a total of $2,400. And taxpayers filing as head of household would get the full payment if they earned $112,500 or less.
Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people earning $198,000.