![]() Individuals who make under $75,000 and couples who make under $150,000 are eligible for the full stimulus check.įor taxpayers with higher income, the amount is reduced by $5 for each $100 above $75,000, or $150,000 for couples – up to $87,000 or $174,000. In other words, taxpayers will be given an estimated amount based on their 2019 incomes, but could end up getting even more (albeit later) if their 2020 return shows they made less money than they made in the previous year. Important to note is that the initial amount paid will be based on either a taxpayer’s 2018 or 2019 income tax return (whichever is the latest return that the IRS has on file), but it will ultimately be ‘trued up’ if a taxpayer is owed money based on their actual 2020 income. The payment will begin to phase out for individuals with a 2018 or 2019 adjusted gross income of $75,000, couples with a $150,000 income and head of households with a $112,500 income. ![]() In addition, families will receive $600 per child under the age of 17. Just as before, taxpayers who qualify will receive a direct deposit of up to $600, and couples will receive $1,200. The Rundown on Stimulus Checks: Your Questions Answered As a reminder, here’s what you need to know about your second stimulus check. In an effort to ease the pandemic’s detrimental effects, the federal government has recently passed a second stimulus package as part of the larger National Defense Authorization Act.Įligible individuals and families will receive stimulus checks up to $600 per person. Nearly a year into the pandemic, individuals everywhere are experiencing emotional, physical and economical implications.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |