You say your 2020 income was above $150K----that affects your stimulus amount. When you use the recovery rebate credit on your 2020 return, the credit is based on your 2020 income. The IRS is not going backwards now and using either your 2018 or 2019 income. They had to get those first checks out in a hurry so they used the information from 2018 or 2019; but the checks were an advance on a credit you get on your 2020 return. If you made more in 2020 you do not have to pay back anything you already got, but if your 2020 income is over the threshold, you get either a phased out amount or maybe nothing on the recovery rebate credit.
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.**
