All Dependents Count Act Would Make Some Adult Dependents Eligible for $500 StimulusCOVID-19
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Currently, adult dependents don’t receive anything under the stimulus law as it exists.
Some senators think that this is not right, and they have proposed the All Dependents Count Act.
This act would make dependents currently left out of the CARES Act eligible for a $500 payment, just like children under the age of 17 are now eligible for.
So that includes a lot of people, including:
- Dependent college students
- Elderly parents and other relatives claimed as dependents
- Disabled adult children claimed as dependents
Who Benefits Most from the Stimulus
Consider this situation: a young 30- or 40-something married couple with $150,000 per year income. I chose this income because it’s the maximum income to get the full stimulus checks for a married couple.
They have secure jobs, didn’t get laid off, and are working in their jammies right now.
They also have three young children. Now, working from home with children is no small feat, and I don’t want to minimize that.
But my point is that that they’re financially comfortable, or at least more comfortable than someone making a lot less.
And how much will this family get from the stimulus? $3,900. $2,400 for the parents and $500 for each of their three children.
Who Doesn’t Benefit As Much?
Meanwhile, consider someone in her mid-50s — a single mom, let’s say — making $50,000 per year.
She’s in an essential business — let’s say a nurse in an emergency room.
And let’s say she has three kids as well, but they’re in college — ages 18, 19, and 20.
But because of this crisis, all her kids got sent home from school, and they’re under her roof again.
They can’t find jobs right now because no one’s hiring.
Oh and guess what? This lady’s parents are in their late 80s, and she supports them financially. She also physically cares for them, which feels like another job.
How much does she get from this stimulus? $1,200 — she gets the $1,200 only for herself and nothing for the five adult dependents she supports.
What Do You Think?
So what do you think about this situation? Is it fair? Would you support the All Dependents Count Act? Let me know in the comments!
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in July 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.