Senior Citizens to Get $250 - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Senior Citizens to Get $250

Amarillo

by: Kristen Guilfoos

Area senior citizens are getting an economic boost from Uncle Sam... Thousands of them can expect a $250 stimulus check in their mailboxes. Sometime between now and June 4th, the stimulus checks will be here and their bank accounts will jump by $250. It's a gift, of sorts, from Uncle Sam. But it's a gift some of them will have to return.

To qualify for the $250 stimulus, you must meet the following qualifications, which means receiving one of the following:

Social Security 
Supplemental Security Income
Veteran's Benefits
Railroad Retirement Benefits

You must have received any of those benefits between November 2008 and January 2009. As long as you meet those requirements, there is nothing you need to do to receive your money. By law, the money has to be either sent to you in a check or deposited into your account by June 17th.

There is a catch though. If you meet the qualifications but also have a job, you will effectively have to give the $250 back... Either through a bigger tax bill or smaller tax refund next spring because you cannot take advantage of both the "Making Work Pay" income tax credit and this senior stimulus.

Here's a brief rundown of how the "Making Work Pay" works. You're eligible if you earned income in 2009. It shows up on your 2009-2010 tax returns and it's worth 6.2% of your earned income.

That's up to $400 for singles and up to $800 for couples... Which averages out to around $45 per paycheck every month for the rest of this year for singles, and $65 for couples.

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