I guess I went through the worksheet too quickly yesterday... Each payment is subject to the income limitation....it's not additive as I stated originally.
Line 14 calculated the 5% of income that exceeds your filing status (e.g. $150,000 for joint)
then that figure is used on Line 15 to test EIP1 (from Line 7) and it is used on Line 18 to test EIP2 (from Line 10). Both Line 15 and Line 18 require subtracting Line 14.
example: I am filing joint with two qualified children and my income in 2020 is $200,000. I did not receive either stimulus payment.
5% of my income over $150,000 is $2500.
before the income limitation, I am eligible for $3400 form EIP1 and $2400 from EIP2
if I work through the worksheet, I get $1100 from EIP1 ($3400 less $2500), but I do not get anything from EIP2 because $2500 exceeds $2400.
best
