Stimulus Check Eligibility Phase Out
The stimulus payment is cut by 5 for every 100 of income.
Stimulus check eligibility phase out. Under the cares act the 1 200 payments for individuals phased out at an income of 99 000 and the. Your stimulus check is reduced by 5 for every 100 you earned above the 75 000 agi threshold. Because of some complicated stimulus check math more people will phase out of qualifying for a stimulus check payment sooner than they would have with a 1 200 per person check especially if.
Under the cares act payments phased out until an income limit of 146 500 after which no money was provided. The stimulus check amount phases out by 5 for every 100 above certain income levels based on your tax filing status. The second stimulus checks would be phased out entirely for single people earning over 87 000 or married couples earning more than 174 000 compared with the cares act s phaseout for single.
The same rules will apply to married couples filing jointly only they will receive 1 200 and the agi threshold before the credit begins to phase out is set at 150 000. Were the third check to be for a maximum of 1 400 rather than 2 000 the same post 75 000 phase out rate would lead to a final earnings limit of 103 000 206 000. Eligibility for the payments starts to phase out at adjusted gross incomes of 75 000 for single filers and 150 000 for joint filers.
In both rounds of checks so far a gradually smaller figure has been sent out to higher earners up to a final phase out limit that has been calculated by reducing the size of the stimulus check.