I am filing "Married, filing jointly". My 2020 and 2021 AGI is less than $150,000. I received a notice from IRS that my return has been approved, but they are deducting $2,800 for the 3rd stimulus check I received. I have W-2 income of over $150,000, but my husband's business showed a loss for 2021, which reduced our AGI to less than $150,000. Is there a different way to calculate AGI for purposes of the stimulus income limits?
While individuals don’t need to have a minimum income to be eligible for the payment, the actual amount of the payment is based on the individual’s filing status, adjusted gross income and number of qualifying children.
Eligible individuals will receive an Economic Impact Payment of $1,200, or $2,400 if married filing jointly, with an adjusted gross income (AGI) up to: $75,000 for individuals if filing as single or married filing separately. $112,500 if filing as head of household and. $150,000 if filing married filing jointly.
Use this link to the IRS calculation for allowing the Stimulus payments.
You will receive a Notice of Adjustment in the mail from the IRS explaining why the adjustment was made and you will have an opportunity to appeal.
@TCPITTS