![]() ![]() In hopes of containing the damage, President George W. Home prices crashed 30%, stocks dropped 57%, and unemployment rose from 5% to 10% during the extended crisis. The economy was in what the Federal Reserve says was its longest downturn since World War II, one that lasted from December 2007 to June 2009. did that a dozen years ago, in the midst of the Great Recession. The idea of stimulus checks directed only toward retirees isn't a new one - the U.S. Skyrocketing prices have been ravaging seniors’ bank accounts for a while, the league says, while the average Social Security recipient has had to make do with a monthly benefit payment in 2021 that's only about $20 larger than last year. Support for senior stimulus grows rapidly The truly eye-popping increases have been at the gas pump: In August, gasoline cost 42.7% more than a year ago, the government says.Ī forecast from the Senior Citizens League says inflation could push next year's Social Security raise to 6.2%, which would be the largest boost in nearly four decades. consumer prices have been up more than 5% versus last year - a level of inflation not seen since 2008. "Soaring inflation has taken a toll on household finances of retired and disabled Social Security recipients," reads the petition, on the group's website. Some seniors indicate they've been skipping meals and doses of essential medication to meet expenses. People who miss this week's deadlines may want to try to find a Volunteer Income Tax Assistance site near them that will handle prior year returns, Caines said.Retirees need a fourth stimulus check because they're being squeezed by steeper prices for gasoline, food, used cars and many other things, the Senior Citizens League says. Individuals and families who miss both the and IRS Free File deadlines still have up to three years to file their tax returns and claim the 2021 tax credits for which they may be eligible. Free fillable forms are available for any income level. 17 for the 2021 tax year, lets people whose incomes are $73,000 or less file online. IRS Free File, which will stay open until Nov. Notably, if you want to claim the earned income tax credit using, you will have to have a W-2 demonstrating your income handy.įor people who have earned income they can show through 1099 forms or self-employment income, other filing tools may let them claim the 2021 enhanced earned income tax credit, Caines said. "Taxes can be intimidating GetCTC has prompts built into it," Caines said. The tool allows for people to claim the $1,400 stimulus checks, child tax credit and earned income tax credit for the 2021 tax year. , which is available in English and Spanish, provides a simplified filing process with questions to prompt users to input their information. Because eligibility was expanded for workers without children and younger and older age thresholds, more workers qualify for the credit in the 2021 tax year. Workers with no children may qualify for up to $1,502, which increases to as much as $6,728 for filers with three or more children. The earned income tax credit, which applies to low- and middle-income workers, was also enhanced for that tax year. However, to claim the remaining sums - or the total amount if a family did not receive advance payments - they need to file a federal 2021 income tax return. Up to half of those amounts were paid in advance through monthly child tax credit payments. The child tax credit included up to $3,600 for children under age 6 and $3,000 per child ages 6 through 17. It also made existing tax credits - the child tax and earned income tax credits - more generous. ![]() That included a Recovery Rebate Credit that provided third stimulus checks of $1,400 per person. The American Rescue Plan Act passed by Congress in 2021 temporarily made enhanced tax credits available to millions of Americans. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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