topic EIP LINE 30 Update! in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/eip-line-30-update/01/1767889#M627493 <P><LI-USER uid="67551"></LI-USER>&nbsp;<LI-USER uid="2433668"></LI-USER>&nbsp;<LI-USER uid="67938"></LI-USER>&nbsp;<LI-USER uid="72046"></LI-USER>&nbsp;<LI-USER uid="2798147"></LI-USER>&nbsp;<LI-USER uid="113"></LI-USER>&nbsp;<LI-USER uid="88"></LI-USER>&nbsp;<LI-USER uid="341"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>The IRS is making progress!&nbsp; They posted a new draft 1040 instruction booklet and the EIP reconciliation form is updated to reflect the 2nd stimulus payment.&nbsp;</P><P>&nbsp;</P><P><A href="https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf" target="_blank">https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf</A></P><P>&nbsp;</P><P>look at instruction page&nbsp; 59 / pdf page 60</P><P>&nbsp;</P><P>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.&nbsp;</P><P>&nbsp;</P><P>for simplicity, let's say I am single and make $85,000 and let's further assume I didn't receive either stimulus.&nbsp; I am due $1200 and $600.&nbsp; One might think that since my income is $85,000, I'd get a reduction of $5%*10,000 or $500 off EACH stimulus.&nbsp; But I don't. on the EIP form, I'd receive $1300.&nbsp; Lines 8 and 9 calculate my dollar eligibility and then it's reduced ONE TIME on line 12 by the income limit.&nbsp;</P><P>&nbsp;</P><P>Note they refer the stimulus payments as EIP1 and EIP2</P><P>&nbsp;</P><P>enjoy the new year!&nbsp;</P><P>&nbsp;</P> Fri, 01 Jan 2021 14:40:32 GMT NCperson 2021-01-01T14:40:32Z EIP LINE 30 Update! https://ttlc.intuit.com/community/taxes/discussion/eip-line-30-update/01/1767889#M627493 <P><LI-USER uid="67551"></LI-USER>&nbsp;<LI-USER uid="2433668"></LI-USER>&nbsp;<LI-USER uid="67938"></LI-USER>&nbsp;<LI-USER uid="72046"></LI-USER>&nbsp;<LI-USER uid="2798147"></LI-USER>&nbsp;<LI-USER uid="113"></LI-USER>&nbsp;<LI-USER uid="88"></LI-USER>&nbsp;<LI-USER uid="341"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>The IRS is making progress!&nbsp; They posted a new draft 1040 instruction booklet and the EIP reconciliation form is updated to reflect the 2nd stimulus payment.&nbsp;</P><P>&nbsp;</P><P><A href="https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf" target="_blank">https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf</A></P><P>&nbsp;</P><P>look at instruction page&nbsp; 59 / pdf page 60</P><P>&nbsp;</P><P>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.&nbsp;</P><P>&nbsp;</P><P>for simplicity, let's say I am single and make $85,000 and let's further assume I didn't receive either stimulus.&nbsp; I am due $1200 and $600.&nbsp; One might think that since my income is $85,000, I'd get a reduction of $5%*10,000 or $500 off EACH stimulus.&nbsp; But I don't. on the EIP form, I'd receive $1300.&nbsp; Lines 8 and 9 calculate my dollar eligibility and then it's reduced ONE TIME on line 12 by the income limit.&nbsp;</P><P>&nbsp;</P><P>Note they refer the stimulus payments as EIP1 and EIP2</P><P>&nbsp;</P><P>enjoy the new year!&nbsp;</P><P>&nbsp;</P> Fri, 01 Jan 2021 14:40:32 GMT https://ttlc.intuit.com/community/taxes/discussion/eip-line-30-update/01/1767889#M627493 NCperson 2021-01-01T14:40:32Z Re: EIP LINE 30 Update! https://ttlc.intuit.com/community/taxes/discussion/re-eip-line-30-update/01/1769080#M627955 <P>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.&nbsp;</P><P>&nbsp;</P><P>Line 14 calculated the 5% of income that exceeds your filing status (e.g. $150,000 for joint)</P><P>then that figure is used on Line 15 to test EIP1 (from Line 7)&nbsp; and it is used on Line 18 to test EIP2 (from Line&nbsp; 10). Both Line 15 and Line 18 require subtracting Line 14.&nbsp;</P><P>&nbsp;</P><P>example:&nbsp; I am filing joint with two qualified children and my income in 2020 is $200,000. I did not receive either stimulus payment.&nbsp;</P><P>&nbsp;</P><P>5% of my income over $150,000 is $2500.</P><P>&nbsp;</P><P>before the income limitation, I am eligible for $3400 form EIP1 and $2400 from EIP2</P><P>&nbsp;</P><P>if I work through the worksheet, I&nbsp; get $1100 from EIP1 ($3400 less $2500), but I do not get anything from EIP2 because $2500 exceeds $2400.&nbsp;&nbsp;</P><P>&nbsp;</P><P>best</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Sat, 02 Jan 2021 13:27:31 GMT https://ttlc.intuit.com/community/taxes/discussion/re-eip-line-30-update/01/1769080#M627955 NCperson 2021-01-02T13:27:31Z Re: EIP LINE 30 Update! https://ttlc.intuit.com/community/taxes/discussion/re-eip-line-30-update/01/1772370#M629290 <BLOCKQUOTE><HR /><LI-USER uid="19147"></LI-USER>&nbsp;wrote:<BR /> <P>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.&nbsp;</P> </BLOCKQUOTE> <P>Yes, I was about to clarify this. &nbsp;At my income level I would be entitled to more if the $1800 was considered as a single payment. Since it is considered as two payments and the income limit is applied separately twice, the payments are reduced. In your first post, a single person with $85,000 of income would be entitled to $700 + $100, and not $1300.&nbsp;</P> Mon, 04 Jan 2021 20:58:42 GMT https://ttlc.intuit.com/community/taxes/discussion/re-eip-line-30-update/01/1772370#M629290 Opus 17 2021-01-04T20:58:42Z
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topic EIP LINE 30 Update! in Get your taxes done using TurboTax
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https://ttlc.intuit.com/community/taxes/discussion/eip-line-30-update/01/1767889#M627493
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<P><LI-USER uid="67551"></LI-USER>&nbsp;<LI-USER uid="2433668"></LI-USER>&nbsp;<LI-USER uid="67938"></LI-USER>&nbsp;<LI-USER uid="72046"></LI-USER>&nbsp;<LI-USER uid="2798147"></LI-USER>&nbsp;<LI-USER uid="113"></LI-USER>&nbsp;<LI-USER uid="88"></LI-USER>&nbsp;<LI-USER uid="341"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>The IRS is making progress!&nbsp; They posted a new draft 1040 instruction booklet and the EIP reconciliation form is updated to reflect the 2nd stimulus payment.&nbsp;</P><P>&nbsp;</P><P><A href="https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf" target="_blank">https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf</A></P><P>&nbsp;</P><P>look at instruction page&nbsp; 59 / pdf page 60</P><P>&nbsp;</P><P>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.&nbsp;</P><P>&nbsp;</P><P>for simplicity, let's say I am single and make $85,000 and let's further assume I didn't receive either stimulus.&nbsp; I am due $1200 and $600.&nbsp; One might think that since my income is $85,000, I'd get a reduction of $5%*10,000 or $500 off EACH stimulus.&nbsp; But I don't. on the EIP form, I'd receive $1300.&nbsp; Lines 8 and 9 calculate my dollar eligibility and then it's reduced ONE TIME on line 12 by the income limit.&nbsp;</P><P>&nbsp;</P><P>Note they refer the stimulus payments as EIP1 and EIP2</P><P>&nbsp;</P><P>enjoy the new year!&nbsp;</P><P>&nbsp;</P>
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<title>EIP LINE 30 Update!</title>
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https://ttlc.intuit.com/community/taxes/discussion/eip-line-30-update/01/1767889#M627493
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<P><LI-USER uid="67551"></LI-USER>&nbsp;<LI-USER uid="2433668"></LI-USER>&nbsp;<LI-USER uid="67938"></LI-USER>&nbsp;<LI-USER uid="72046"></LI-USER>&nbsp;<LI-USER uid="2798147"></LI-USER>&nbsp;<LI-USER uid="113"></LI-USER>&nbsp;<LI-USER uid="88"></LI-USER>&nbsp;<LI-USER uid="341"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>The IRS is making progress!&nbsp; They posted a new draft 1040 instruction booklet and the EIP reconciliation form is updated to reflect the 2nd stimulus payment.&nbsp;</P><P>&nbsp;</P><P><A href="https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf" target="_blank">https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf</A></P><P>&nbsp;</P><P>look at instruction page&nbsp; 59 / pdf page 60</P><P>&nbsp;</P><P>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.&nbsp;</P><P>&nbsp;</P><P>for simplicity, let's say I am single and make $85,000 and let's further assume I didn't receive either stimulus.&nbsp; I am due $1200 and $600.&nbsp; One might think that since my income is $85,000, I'd get a reduction of $5%*10,000 or $500 off EACH stimulus.&nbsp; But I don't. on the EIP form, I'd receive $1300.&nbsp; Lines 8 and 9 calculate my dollar eligibility and then it's reduced ONE TIME on line 12 by the income limit.&nbsp;</P><P>&nbsp;</P><P>Note they refer the stimulus payments as EIP1 and EIP2</P><P>&nbsp;</P><P>enjoy the new year!&nbsp;</P><P>&nbsp;</P>
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<title>Re: EIP LINE 30 Update!</title>
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https://ttlc.intuit.com/community/taxes/discussion/re-eip-line-30-update/01/1769080#M627955
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<P>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.&nbsp;</P><P>&nbsp;</P><P>Line 14 calculated the 5% of income that exceeds your filing status (e.g. $150,000 for joint)</P><P>then that figure is used on Line 15 to test EIP1 (from Line 7)&nbsp; and it is used on Line 18 to test EIP2 (from Line&nbsp; 10). Both Line 15 and Line 18 require subtracting Line 14.&nbsp;</P><P>&nbsp;</P><P>example:&nbsp; I am filing joint with two qualified children and my income in 2020 is $200,000. I did not receive either stimulus payment.&nbsp;</P><P>&nbsp;</P><P>5% of my income over $150,000 is $2500.</P><P>&nbsp;</P><P>before the income limitation, I am eligible for $3400 form EIP1 and $2400 from EIP2</P><P>&nbsp;</P><P>if I work through the worksheet, I&nbsp; get $1100 from EIP1 ($3400 less $2500), but I do not get anything from EIP2 because $2500 exceeds $2400.&nbsp;&nbsp;</P><P>&nbsp;</P><P>best</P><P>&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P>
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<pubDate>Sat, 02 Jan 2021 13:27:31 GMT</pubDate>
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<title>Re: EIP LINE 30 Update!</title>
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https://ttlc.intuit.com/community/taxes/discussion/re-eip-line-30-update/01/1772370#M629290
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<BLOCKQUOTE><HR /><LI-USER uid="19147"></LI-USER>&nbsp;wrote:<BR /> <P>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.&nbsp;</P> </BLOCKQUOTE> <P>Yes, I was about to clarify this. &nbsp;At my income level I would be entitled to more if the $1800 was considered as a single payment. Since it is considered as two payments and the income limit is applied separately twice, the payments are reduced. In your first post, a single person with $85,000 of income would be entitled to $700 + $100, and not $1300.&nbsp;</P>
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<dc:date>2021-01-04T20:58:42Z</dc:date>
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