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Level 1
posted Mar 14, 2021 10:34:57 AM

Ouch! 3rd stimulus check is $0

Married filing jointly, 5 dependents, $161K in adjusted gross income. We miss out on 7 x $1,400 = $9,800 in stimulus.

 

If we had made $150K in AGI, we'd get the $9,800.

 

So we made $11K at the expense of $9,800? Wish we had known the rules in advance.

 

The American Rescue Plan's steep drop off from $150K to $160K (unlike the first bill which phased out at $200K) is a cliff.

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1 Replies
Expert Alumni
Mar 14, 2021 10:49:30 AM

Unfortunately, you are correct. The payments will be phased out to -0- for married, filing jointly filers making more than $160,000.

 

For more information, see: More details about the third round of Economic Impact Payments which states:

Payments will be phased out – or reduced -- above those AGI amounts. This means taxpayers will not receive a third payment if their AGI exceeds:

  • $160,000 if married and filing a joint return or if filing as a qualifying widow or widower

[Edited 03/15/2021 | 9:07 AM PST]