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Um, HOW much is that stimulus payment supposed to be??


easypeasy
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We had a deposit placed into our account yesterday, but the amount is more than what I was expecting. So now I am confused.

How much was that payment supposed to be? We are married, filing jointly if that matters?

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I just copied this from the IRS site:

 

How much will the second Economic Impact Payment be? (added January 5, 2021)

Eligible individuals who filed a 2019 joint tax return will receive up to $1,200, and all other eligible individuals will receive up to $600. Those with qualifying children on their 2019 tax return will receive up to $600 in additional payment per qualifying child.

Eligible individuals don’t need a minimum income for the payment. However, for higher income individuals, the payment amount is reduced by 5% of the amount that their adjusted gross income exceeds the following thresholds:

$150,000 for taxpayers filing a joint return or filing a return as a qualifying widow or widower

$112,500 for taxpayers filing as head of household

$75,000 for all others

The $600 payment for eligible individuals with no qualifying children ($1,200 for married couples filing a joint return) will be reduced to $0 once adjusted gross income reaches the following amounts:

$174,000 for taxpayers filing a joint return

$124,500 for taxpayers filing as head of household

$87,000 for taxpayers filing as single or married filing separately

Each of these adjusted gross income amounts at which the payment is reduced to $0 increases by $12,000 for each additional qualifying child.

Note: Qualifying widows and widowers whose AGI is more than $75,000 may not have received the full amount of their payments.  Those individuals may claim the Recovery Rebate Credit on line 30 of their 2020 return. Please refer to the instructions for the 2020 Form 1040 for more information.

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