Latest news with #SSDI
Hindustan Times
10 hours ago
- Business
- Hindustan Times
$1,390 stimulus checks: Who's eligible for relief pay out from IRS? Date and mode of payment
The Internal Revenue Service (IRS) will soon start rolling out stimulus payments to millions of Americans who are eligible to receive them. These tax-free checks are part of a federal plan to provide relief to low and middle-income households from escalating prices and living standards. Since these payments are tax-free, beneficiaries need not include them while filing their tax returns for the year. This $1,390 payment also won't impact beneficiaries' existing benefits like Medicaid, SNAP, or housing assistance, as reported by The Mirror. IRS $1,390 stimulus checks: Eligibility criteria, mode of payment, and more(Unsplash ) Here's all you need to know about when, where, and who will receive these payments: Eligibility criteria Since this stimulus check is meant to benefit lower-ranking sections of society, eligibility is determined by the beneficiary's income and tax status. These people are most likely to qualify for receiving this payment: • Single taxpayers with an income up to $75,000 • Married couples filing jointly with an income of up to $150,000 • A head of household with an income up to $112,500 • People on federal benefits like SSDI, SSI, and VA programs • Families with dependents may get extra money A huge indicator that might be receiving these payments would be people who have received similar benefits in the past as well. When will these checks be circulated? No official date for releasing the payments has been announced by the IRS as of now. However, these checks are expected to start being delivered in mid-2025, meaning that the process could start sooner than later. How will I receive my payment? Depending on the mode of payment selected by the beneficiary for receiving other benefits, here are the possible ways to receive your check: • If your bank account details have already been filed with the IRS or Social Security, your check will likely come by direct deposit, which is the fastest mode of receiving payments. • In case the bank account details of a beneficiary aren't filed in, payments will be sent via traditional paper checks, which could take longer. • Some people may also receive their benefits in the form of a prepaid or EIP debit card. With contribution from Stuti Gupta
CNBC
11 hours ago
- Business
- CNBC
Trump's 'big beautiful bill,' other changes benefit accounts for individuals with disabilities
Brandon Dickerson collapsed in his Louisiana home in March 2022, after suffering from a ruptured brain aneurysm. The sudden burst of a blood vessel caused bleeding in his brain. The former line haul driver went into a coma, and when he woke up, he had severe functional limitations. "His cognitive skills and communication skills are limited," Geneva Dickerson, Brandon's older sister and caregiver, recently told CNBC. Brandon, now 34, lives in a traumatic brain injury nursing home in Queens, New York. "We are able to have limited conversation. He's starting to say sentences now, which is great." Brandon's improved speech gives Geneva hope. She is now looking into new benefits available for tax-advantaged savings accounts that may help cover therapy to support his progress. Recent legislation, including President Donald Trump's "big beautiful bill," contains provisions that bolster the use of so-called Achieving a Better Life Experience, or ABLE, accounts. These tax-advantaged accounts are designed to help eligible individuals with disabilities save and invest money without jeopardizing their eligibility for certain government benefits, such as Medicaid, Social Security Disability Insurance, and Supplemental Security Income. "ABLE accounts allow for savings and contributions from family and friends, serving as a supplement when other benefits are insufficient," said Mary Morris, CEO of Commonwealth Savers, a Virginia-based organization that manages tax-advantaged 529 education savings and ABLE programs. Here's how ABLE accounts work, and what changes are in store. A federal law created the ABLE program in 2014. Like 529 education savings plans, ABLE accounts are managed by states. Forty-six states and Washington, D.C., currently offer ABLE programs, and many state plans are open to outside residents. The Virginia-based plan ABLEnow, for example, is open to residents in every state. Saving in these accounts will not adversely impact government benefits. Up to $100,000 of savings in an ABLE account is not counted toward the SSI resource limit. And any amount of ABLE savings up to the ABLE plan's limit won't count as a resource for other government benefits, including SSDI, Medicare, or Medicaid. ABLE accounts grow tax-free with no federal or state income tax on withdrawals for qualifying expenses, as long as the funds are used for disability-related costs, including housing, transportation, and healthcare. There are generally no income limits to contribute to an ABLE account for an eligible beneficiary. However, the beneficiary must receive SSDI or SSI benefits, or have a physician's statement that says the onset of the disability started before age 26. Starting January 1, 2026, the ABLE Age Adjustment Act will increase age eligibility requirements from age 26 to 46, allowing millions more people to qualify. About 8 million people currently qualify for ABLE accounts, with assets totaling about $2.5 billion, as of March 2025, according to Paul Curley, executive director at ISS Market Intelligence, a data provider for the financial services industry. The number of assets and accounts is expected to increase by about 50% next year, he said, with an estimated 15 million people becoming eligible due to their age. "This is a game changer," said Charlie Massimo, a financial advisor and senior vice president at Wealth Enhancement Group in Long Island, New York. He is also the father of two 25-year-old sons with autism. "For the first time, millions of Americans with disabilities will have access to the same kind of tax-advantaged wealth-building accounts most families already have." Commonwealth Savers' Morris said the wider age range "captures those young adults where a lot of debilitating illnesses really happen," including multiple sclerosis, post-traumatic stress disorder, stroke, and certain neurological issues. Plus, at least one million more veterans could now qualify for an ABLE account, experts say. The "big beautiful" tax and spending package that Trump signed in early July will also make permanent several tax advantages from the Tax Cuts and Jobs Act that could help make ABLE accounts more attractive to savers. The annual contribution limit for ABLE accounts is based on the annual gift tax exclusion, which is $19,000 per recipient in 2025 and will likely increase with inflation in future years, experts say. A severely disabled worker may be able to contribute more than the annual limit if they or their employer is not making certain retirement plan contributions. The amount they can contribute is determined by the state that manages the plan and, in part, depends on their compensation. Under the legislation's terms, assets from a 529 college savings plan can be rolled over into an ABLE account. "Let's say you save for college for your son or daughter's entire life, you have $100,000 or $200,000 in there, and now they have a disability later in life," Massimo said. "Now you can really roll over the entire amount and then still put an additional $19,000 in for the annual gifting into an ABLE account." For low-income savers, contributors to an ABLE account may be eligible for the saver's credit, a tax break typically available to those who save for retirement. Starting in 2027, the annual contribution eligible for the Saver's Credit will increase from $2,000 to $2,100, with a maximum tax credit of $1,050. Geneva Dickerson said she'll look into the tax advantages of ABLE accounts, but she is now focused on building funds to open an ABLE account for Brandon, to provide her brother with the services he needs to progress. "His insurance doesn't cover speech therapy," she said. "It's out of the budget. But I think with an account like the ABLE account, he can use those funds to pay for more speech therapy or for more physical therapy if the insurance doesn't cover it."
Hindustan Times
2 days ago
- Business
- Hindustan Times
Social Security payments August 2025: When and how much money will you receive?
The Social Security Administration (SSA) will soon begin rolling out August payments to beneficiaries. Since August 3—the typical date for some people to receive their benefits—falls on a weekend, those eligible will get their payments early. When will you receive your Social Security payments for August? (Unsplash) Social Security payments August: Eligibility criteria You are eligible to receive this paper check if you: • are an SSI beneficiary • have updated your bank information • have not had a recent change in status How much will you receive? 'The monthly maximum Federal amounts for 2025 are $967 for an eligible individual, $1,450 for an eligible individual with an eligible spouse, and $484 for an essential person,' reads the official SSA website. 'In general, monthly amounts for the next year are determined by increasing the unrounded annual amounts for the current year by the COLA effective for January of the next year. The new unrounded amounts are then each divided by 12, and the resulting amounts are rounded down to the next lower multiple of $1.' When will you receive it? Due to the calendar's structure, supplemental security income will be delivered on August 1 instead of August 3. Retirees, SSDI, and other recipients who began receiving benefits before May 1997 will get their payments on August 2. Apart from this, those receiving only social security benefits will get their checks depending on their birthdate and the regular payment schedule. For those born from the 1st to 10 of any month, payments are given on the second Wednesday, i.e., August 14 For those born from the 11th to 20th of any month, payments are given on the third Wednesday, i.e., August 21 For those born from the 21st to 31st of any month, payments are given on the fourth Wednesday, i.e., August 28 What are the changes? The SSA had recently announced plans to switch beneficiaries who have still opted to receive their payments through paper checks to the digital mode instead. Due to concerns about access to and literacy in the digital medium, this change has now been delayed beyond September. The agency confirmed this delay last week, as reported by News Break. Beneficiaries are still encouraged to opt for direct deposits over paper checks to ease the process and receive their payments on time. With contribution from Stuti Gupta
Time Business News
2 days ago
- Automotive
- Time Business News
Meet the Attorneys Behind the Success of Reasonover Law Firm
When clients walk into Reasonover Law Firm, they're often going through some of the most difficult times in their lives. Whether it's a serious car crash or a work-related injury, what they find at this law firm is more than just legal advice; they find a team of dedicated attorneys ready to fight for justice. But what makes this firm truly special? It's the people behind it, the passionate lawyers who put their clients first every single day. Let's take a closer look at the skilled attorneys who power the success of Reasonover Law Firm, and how they've built a reputation for being trusted allies in the courtroom and beyond. From the moment you contact Reasonover Law Firm at (615) 241-0405, you're treated like more than just a case number. The firm was founded on the belief that every client deserves personalized attention and aggressive representation. Each attorney brings years of experience handling complex legal issues. Whether you need a truck accident lawyer after a major collision or a work injury lawyer to help you navigate workers' comp, this team has the experience and passion to make a real difference. One of the core areas of expertise at Reasonover Law Firm is motor vehicle accidents. Their car accident lawyers understand how stressful and painful these situations can be. That's why they offer full support from start to finish. Clients looking for an auto accident attorney or a car crash lawyer are often overwhelmed by insurance companies and paperwork. The attorneys here guide them through every step, focusing on maximum recovery and peace of mind. They've successfully handled hundreds of auto-related claims, making them one of the top choices in the area for those in need of serious legal support. Not all vehicle accidents are the same. Truck accidents can be far more dangerous and complicated. If you're looking for a reliable truck accident lawyer, the team at Reasonover Law Firm offers specialized help in this area. They investigate the cause of the accident, gather critical evidence, and work hard to hold trucking companies accountable. Their approach is aggressive yet fair, ensuring that injured victims get the compensation they truly deserve. Injuries at work can lead to a lot of uncertainty both physically and financially. That's where a skilled workers compensation attorney comes in. Reasonover Law Firm has built a strong reputation for helping injured workers file claims and receive fair settlements. Their work injury lawyers handle everything from initial claim filings to appeals if a case is denied. They make sure clients understand their rights and fight to protect those rights throughout the process. If you've been injured on the job, don't wait. Call (615) 241-0405 to get the help you need. Getting approved for Social Security Disability benefits can be a tough and frustrating process. That's why so many turn to Reasonover Law Firm for help from a qualified Social Security Disability lawyer or SSDI lawyer. These attorneys know the system inside and out. Whether your claim has been denied or you're just starting the application, they can provide guidance that makes a real difference. Many clients have gotten the financial support they needed thanks to this team's detailed and caring approach. The attorneys at Reasonover Law Firm don't just handle cases, they build relationships. They know that every person's situation is different, and they take the time to listen, explain, and act. Their success is built on trust, honesty, and hard work. Clients appreciate their: Clear communication Consistent follow-ups Respectful and compassionate approach Aggressive courtroom skills They are not only legal professionals, they're advocates who stand by their clients when it matters most. With years of success behind them and countless satisfied clients, the attorneys at Reasonover Law Firm continue to be leaders in the legal community. Whether you're looking for a car accident lawyer, truck accident lawyer, workers compensation attorney, or SSDI lawyer, they have you covered. To learn more or to schedule a consultation, visit their Facebook page or call (615) 241-0405 today. You can also reach them via email at inquiries@ Your legal journey doesn't have to be difficult, not when you have a powerful team behind you. Are you ready to meet the attorneys who will fight for your future? TIME BUSINESS NEWS
CNET
3 days ago
- Business
- CNET
SSDI August 2025: Here's When Your Next Payment Is Coming
August's SSDI checks are headed to beneficiaries soon. Here's this month's payment schedule. CNET All Social Security Disability Insurance payments have gone out for the month of July and that means August's payments will soon be headed out to recipients. If you're unsure when you're supposed to get paid, we have you covered. The Social Security Administration sends monthly payments to people with disabilities that prevent or limit their ability to work. Depending on their individual situation, others may qualify and can apply for SSDI as well. We'll break down the full SSDI payment schedule for the month of August and how your payment date is calculated so you'll know exactly when you can expect your check. For more, here's what you can do if your last payment never arrived, and here's the Supplemental Security Income payment schedule. If you've had SSDI since May 1997 or earlier, or also receive SSI If you started getting SSDI before May 1997, you'd usually receive your payment on the third day of every month. Note that this isn't always the case, like when the third day falls on a weekend or holiday. For 2025, this will happen in August, so you can expect to receive that month's payment one to two days earlier. If you also receive Supplemental Security Income, you'll fall into this category. You'll receive your SSDI payment on the third of every month and your SSI payment on the typical day, the first of the month. For everyone else, payments are birth date-dependent If you began receiving SSDI after May 1997 and don't also receive SSI, then your payment date is determined by the day of the month you were born. Payments are typically paid out on the second, third and fourth Wednesday of the month. Which Wednesday you get your check breaks down like this: Birthdate between Social Security check date 1st and 10th of the month Second Wednesday of the month 11th and 20th of the month Third Wednesday of the month 21st and 31st of the month Fourth Wednesday of the month Here's when you'll get your SSDI payment in August Here's when your SSDI payment should arrive this month: If you've received Social Security before May 1997 Aug 1 If your birthday falls between day 1 and 10 of the month Aug 13 If your birthday falls between day 11 and 20 of the month Aug 20 If your birthday falls between day 21 and 31 of the month Aug 27 How does 2025 COLA affect my payment? The COLA for 2025 introduced a 2.5% increase in monthly benefit checks, but exactly how much of an increase will depend on several factors. Any monthly income, how long you've received benefits and what type of benefit you receive can result in a different payment increase. Recipients should have received their COLA notice sometime in December with specific details on their case. A COLA of 2.5% will add about $48 to the average benefits check. We're only a few months away from the 2026 COLA announcement, so expect it to affect your monthly payment in the new year. For more, don't miss four ways you could lose your Social Security benefits and how to apply for SSI.
