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This also works the other way around.
Stimulus check 2020 income higher than 2019. Americans cumulative after tax personal income was 1 03 trillion higher from march to november of 2020 than in 2019 an increase of more. Depending on which way congress and the new president go your next stimulus check could be much higher or much lower than what you got before. Stimulus checks 276 billion 1 03.
But if the stimulus payment you are due is lower based on your 2020 income you get to keep the higher. If your 2020 income is lower than in 2019 so that you would have qualified for a stimulus payment or if the stimulus check you received is less than you would have received based on your 2020. 1 of 11 larger base amount for third stimulus checks.
But if your income was too high in 2018 or 2019 to qualify you won t get a stimulus payment during this first round. 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. Of course this additional payment won t be available until 2020 returns are filed next year.
If you were entitled to receive the stimulus check based on your 2018 or 2019 income but would not qualify because your income is higher in 2020 you will not. People who weren t required to file a federal income tax return in 2018 or 2019 may still be eligible to receive the first stimulus check under the cares act. If that person sold stocks or some real estate their income level for that year could be pushed higher for.
Take for example someone who normally has adjusted gross income of less than 75 000.
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