The maximum an eligible individual can get is $600, and married couples can receive $1,200. Parents will get an additional $600 per child younger than 17 years old. There is no cap on the number of children you can claim. If you are a higher earner, the IRS reduces your stimulus payment by five percent for each dollar more than the income limit. This is $50 for every $1,000 over the threshold.
The IRS will use your adjusted gross income (AGI) from your 2019 tax return.When it comes to higher earners with dependents, their eligibility for the stimulus check is a balance between income and number of dependents.
Consider the following examples:
A married couple with two children younger than 17 years old earn $180,000. Their government stimulus check would be $900.
A head of household with four or fewer children and earns $180,000 will not get a stimulus payment.
A married couple with two children earning $200,000 will not receive a payment.
A married couple with three children earns $200,000. Their government stimulus check would be $500.
A married couple with three children earning $210,000 will not get a payment.
Since the IRS uses your 2019 tax return information to determine your eligibility for the stimulus check, they will not be aware of a new dependent in 2020, such as a newborn baby. Likewise, your income in 2020 could have dropped significantly.
Fortunately, you can still claim your stimulus payment from the IRS. You can even claim the first payment if you missed that too.
By Admin –