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Get your taxes done using TurboTax
The EIP was an advance credit based on your 2020 tax return. If you did not receive last year, they do not go back to your 2019 income ----it is based on your 2020 income. If your 2020 income exceeds the threshold for a full payment then it is phased out.
A1. Generally, if you are a U.S. citizen or U.S. resident alien, you will receive an Economic Impact Payment of $1,200 ($2,400 for a joint return) if you (and your spouse if filing a joint return) are not a dependent of another taxpayer and have a Social Security number valid for employment and your adjusted gross income (AGI) does not exceed:
- $150,000 if married and filing a joint return
- $112,500 if filing as head of household or
- $75,000 for eligible individuals using any other filing status
Your payment will be reduced by 5% of the amount by which your AGI exceeds the applicable threshold above.
You are not eligible for a payment if any of the following apply to you:
- You may be claimed as a dependent on another taxpayer’s return (for example, a child or student who may be claimed on a parent’s return or a dependent parent who may be claimed on an adult child’s return).
- You do not have a Social Security number that is valid for employment.
- You are a nonresident alien.
The following are also not eligible: a deceased individual or an estate or trust.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
February 15, 2021
6:20 AM