@Woodstockdiana -
you should receive a letter in the next 2 weeks from the IRS explaining how they calculated it.
look at line 7 of your 2018 tax return; that is the AGI the IRS should have used to calculate the payment. the payment implies your AGI was $78,203. The stimulus is payment is $1200 and reduced by 5% for the part of your income over $75,000.
so $78,203 - $75000 = $3203 *5% = $160.15 reduction from the $1200 or $1039.85
if your income is LOWER than $78,203 in 2020, you'll get some of the rest back on your 2020 income taxes next year
- The stimulus payments are really based on your 2020 tax return (income, dependents, etc).
- The IRS is using either 2018 or 2019 – whatever is available - to ESTIMATE that payment
- When you file next year there will be a “settle up” section on the tax return.
- If you are due more stimulus (because your income was lower in 2020 than 2018), you will receive it through the 2020 tax filing.
- If you received too much (your income was higher in 2020 than 2018), by law, you are not required to return it
