Stimulus Check Amount Reduction

A third stimulus check for 1 400 would raise that income threshold making a single taxpayer eligible to receive a full or partial payment up to an agi of 103 000.

Stimulus check amount reduction. How much will the second stimulus check be for. The size of the benefit would be reduced for those earning more than 75 000 in 2019 similar to the last round of stimulus checks. The second round of checks would have the same type of income phaseouts as in the cares act with the stimulus check payments reduced for earnings above 75 000 per single person or 150 000 per.

Now the bad news. Your check will be gradually reduced to zero if you re single married filing a separate tax. Congress approved a second stimulus check as part of another economic relief bill for an upper limit of 600 apiece and an extra 600 per qualifying child dependent.

Once the agi for a filer hits the income limit for the full stimulus check the amount of the payment is reduced by 5 for each 100 above the threshold. The payment amount phases out completely once a filer s agi exceeds the maximum agi for the filing status. With president donald trump having signed the latest covid 19 relief legislation stimulus checks of up to 600 are due to be sent out to those suffering economic woes posed by the pandemic.

Stimulus payment amounts will be phased out for people at certain income levels. The second round of checks will have the same type of income phaseouts as in the cares act with the stimulus check payments reduced for earnings above 75 000 per single person or 150 000 per. That is less than the 1 200 checks approved in the spring.

Single people who make over 75 000 will have their checks reduced by 5 of the amount over 75 000 and married people who file joint returns will have their checks reduced by 5 of the amount over 150 000.