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If you qualify for a stimulus check your stimulus check may be less than 1 200 because if you have higher adjusted gross income the amount of your check can be lower due to the phase out.
Stimulus adjusted gross income limit. Individual taxpayers will get 1 200 each if their adjusted gross income agi is less than 75 000. The payments will be tapered for higher earners 5 of the amount by which their adjusted gross incomes exceeded the initial threshold and phased out completely for individuals who earn more than. The payments are expected to be 1 200 per adult for those with adjusted gross incomes of up to 75 000.
The income limit to qualify for the second check is capped at a lower amount. That assumes this formula the irs uses were to stay the same and rely on income limits based on your adjusted gross income or agi. This means that single people who earned 87 000 or more in adjusted gross income agi in 2019 won t qualify at all for the second stimulus check compared with 99 000 for the first stimulus check.
The threshold for married couples is 150 000 who are eligible for 2 400 and 500 per child. A couple filing jointly or someone whose spouse died in 2020 with an agi of up to 150 000 would receive 1 200 600 per eligible person. The stimulus checks as they re known will go to individuals with an adjusted gross income of up to 75 000.
600 second stimulus check income limits. Individual taxpayers with agis above 75 000 will receive smaller checks with a 5 reduction. These are the income limits to be eligible for the 600 stimulus check published mon dec 21 2020 4 57 pm est updated mon dec 21 2020 6 45 pm est alicia adamczyk aliciaadamczyk.
Here s why the new stimulus bill sets the income limits for a 600 second check closely to the first but comes with a.
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