Many members of the Seneca Cayuga Nation and other American citizens can expect to receive a stimulus check in the near future. The Trump administration, working alongside Congressional leaders passed a massive economic stimulus plan intended to jump start the U.S. economy by issuing checks as financial relief for the majority of Americans.   As part of the CARES Act, more than  $300 billion dollars has been set aside for direct stimulus payments to both workers and qualifying seniors. The largest majority of tax-paying Americans can expect to receive a $1200.00 check within their bank account in the coming weeks.

Here are some additional information and possible resources to serve our members to identify  exactly what this means for you and your family:   
 

Source: (Motley Fool private American financial and investment firm)

The (IRS) plans to use your most recent tax filing to determine your eligibility and to identify the amount of your particular stimulus check.  If you've already filed your 2019 federal tax return, your adjusted gross income (AGI) and filing status will be used to determine your eligibility.  If you haven't yet filed your 2019 federal tax return due to the July 15 push back date, your 2018 Adjusted Gross Income and filing status will be the determining factors.

Your income could be the most decisive factor in determining eligibility for the amount your check will entail. The following three filing statuses can all expect to receive the maximum stimulus check of $1,200 per individual or $2,400 per couple filing jointly if their AGIs are below certain thresholds:

Single filers who earned less than $75,000 in Adjusted Gross Income (AGI)

Head-of-household filers who earned less than $112,500 in Adjusted Gross Income (AGI)

Married filing jointly with less than $150,000 in Adjusted Gross Income (AGI)

What happens if an individual falls between the upper bound where payouts stop and the lower bound where the coronavirus relief payment is maximized? The simple answer is you remove $5 in payout for every $100 in Adjusted Gross Income. Thus, a single filer with $80,000 in AGI would receive $950 instead of the maximum $1,200.

Furthermore, households with qualifying children aged 16 and under will receive an extra $500 per child. Beyond high income, other disqualifying  factors include being a dependent aged 17 and over (this includes college-age students and senior citizens) and, in most cases, being a noncitizen without a valid Social Security number.

For elderly and those on social security: 

If you are a Social Security beneficiary and you have not filed a tax return in a long time: Single beneficiaries owe federal tax on a portion of their Social Security payout if their modified adjusted gross income plus one-half of benefits is higher than $25,000 ($32,000 for couples filing jointly). This means any relatively low-income seniors reliant on Social Security may have no need to file a tax return. 

Since the CARES Act has been signed into law: With almost no exception, Social Security beneficiaries will be receiving a Trump stimulus check. 

According to the final legislation passed. The only exception is that an individual had to have filed a tax return in 2018 or 2019 or received Social Security or veterans' benefits in one of those years, so the Internal Revenue Service (IRS) can calculate what amount of stimulus check is due. Even if retired workers haven't filed their taxes in years, the IRS will be able to retrieve their benefit history from the Social Security Administration, thereby providing them with a pathway to receive a stimulus check.

When to expect  payment?

For individuals who did their taxes online last year or if the IRS has your direct deposit information on file: payment will be distributed to you by the week ending April 17.

• Paper checks for people with up to $10,000 in AGI: the week ending April 24.
• Between $10,000 AGI and $20,000 AGI: the week ending May 1.
• Between $20,000 AGI and $30,000 AGI: the week ending May 8.
• Between $30,000 AGI and $40,000 AGI: the week ending May 15.
• Between $40,000 AGI and $50,000 AGI: the week ending May 22.
• Between $50,000 AGI and $60,000 AGI: the week ending May 29.
• Between $60,000 AGI and $70,000 AGI: the week ending June 5.
• Between $70,000 AGI and $80,000 AGI: the week ending June 12.
• Between $80,000 AGI and $90,000 AGI: the week ending June 19.
• Between $90,000 AGI and $100,000 AGI: the week ending June 26.
• Between $100,000 AGI and $110,000 AGI: the week ending July 3.
• Between $110,000 AGI and $120,000 AGI: the week ending July 10.
• Between $120,000 AGI and $130,000 AGI: the week ending July 17.
• Between $130,000 AGI and $140,000 AGI: the week ending July 24.
• Between $140,000 AGI and $150,000 AGI: the week ending July 31.
• Between $150,000 AGI and $160,000 AGI: the week ending Aug. 7.
• Between $160,000 AGI and $170,000 AGI: the week ending Aug. 14.
• Between $170,000 AGI and $180,000 AGI: the week ending Aug. 21.
• Between $180,000 AGI and $190,000 AGI: the week ending Aug. 28.
• Between $190,000 AGI and $198,000 AGI: the week ending Sept. 4.
• All other checks (e.g., those who didn't have tax info on file): the week ending Sept. 11.

The good news is that the  coronavirus stimulus checks will not be  subject to state or federal income tax. And the money won't be counted as taxable income, so it can't push you into a higher tax bracket or affect your eligibility for any deductions or credits that have income limits.

Sources: 

https://www.fool.com/investing/2020/04/21/heres-precisely-when-youll-get-your-stimulus-check.aspx

https://www.fool.com/investing/2020/04/21/the-irs-is-urging-these-3-groups-to-register-for-a.aspx

https://finance.yahoo.com/news/2020-stimulus-check-much-other-124848534.html