@VolvoGirl @Critter-3 @xmasbaby0 @Hal_Al @Mike9241 @DoninGA @macuser_22 @Opus 17
The IRS is making progress! They posted a new draft 1040 instruction booklet and the EIP reconciliation form is updated to reflect the 2nd stimulus payment.
https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf
look at instruction page 59 / pdf page 60
of note, the two stimulus payments are ADDITIVE against the income thresholds!!! they don't each stand on their own! which is to the taxpayer benefit.
for simplicity, let's say I am single and make $85,000 and let's further assume I didn't receive either stimulus. I am due $1200 and $600. One might think that since my income is $85,000, I'd get a reduction of $5%*10,000 or $500 off EACH stimulus. But I don't. on the EIP form, I'd receive $1300. Lines 8 and 9 calculate my dollar eligibility and then it's reduced ONE TIME on line 12 by the income limit.
Note they refer the stimulus payments as EIP1 and EIP2
enjoy the new year!
