Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
rosemarieunasa
New Member

Hello there! What is a stimulus income means?

When is the the stimulus checks start
3 Replies
Anonymous
Not applicable

Hello there! What is a stimulus income means?

 
Anonymous
Not applicable

Hello there! What is a stimulus income means?

First, it depends on your filing status: if you’re single, the payment is $1,200, but it doubles for a married couple filing jointly to $2,400. It also depends on your family size; you’ll get an additional $500 for every child under the age of 17. If you are claimed as a dependent on someone else’s tax return, you are not entitled to any payment at all.

For high-income taxpayers, it depends on just how high your income goes; a married couple will start to lose the payment once adjusted gross income (AGI) exceeds $150,000, and the same will occur for a single taxpayer once AGI exceeds $75,000.

Your payment also depends on whether or not you have filed your 2019 tax return.

According to the new law, the IRS is going to look first to your 2019 tax return to compute the payment. If no 2019 return has been filed, however, the IRS will grab your 2018 return instead. (If you receive Social Security and don’t need to file a return, the IRS will send you a payment based on your Form 1099-SSA).

 

 

one source says that the IRS will release checks based on AGI.  so those with lowest will get it first and thoses with the highest not until early September. 

fanfare
Level 15

Hello there! What is a stimulus income means?

don't get too excited. your check is a one-time thing. It won't last you very long.

Dynamic AdsDynamic Ads
Privacy Settings
v