Monday, December 28, 2020

Stimulus check eligibility

Via CNBC, the rules for upcoming stimulus payments: 

The pandemic recovery bill includes direct payments of up to $600 to eligible adults, plus $600 per child dependent.

While the adult benefit is half the size of the first stimulus check, the amount earmarked for qualifying dependents was raised by $100. At the full benefit amount, a family of four could potentially receive $2,400.

Those qualifying for the maximum stimulus payment include individuals earning up to $75,000 in adjusted gross income, or $112,500 as head of household and $150,000 as a married couple filing jointly. 

Payments are reduced at the same rate as the CARES Act checks. For every $100 earned over these income thresholds, payments are docked $5. However, the AGI caps are lower this time.

Individuals with $87,000 in income and married couples who file jointly earning $174,000 will not receive any payment. Therefore, fewer people will qualify for payments, and for those who do receive a check, some will be getting a lot less than the first round of payments.

No comments:

Post a Comment

looks like Blogger doesn't work with anonymous comments from Chrome browsers at the moment - works in Microsoft Edge, or from Chrome with a Blogger account - sorry! CJ 3/21/20