I just received a deposit for the second stimulus however it was only half the payment that it should be. Why is that?

The same thing happened to me.  I'm interested in the answer to this also.

The second stimulus check has different income limits versus the first stimulus check. The first stimulus check was based on your 2018 or 2019 taxes, if you had filed them. But the second check is based solely on your 2019 taxes. That means if you got a new job or earned more money between 2018 and 2019, you may be in the upper limit, and receive only a partial check. 

 

If your adjusted gross income (AGI) is below,

• $75,000 for individuals
• $112,500 for heads of household
• $150,000 for married, joint filers

You should receive $600 per individual plus $600 per qualifying child.

 

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. This means:

• An individual without children will not receive any payment if their AGI exceeds $87,000
• A couple without children will not receive any payment if their AGI exceeds $174,000
• A family of four will not receive any payment if their AGI exceeds $198,000

You can find your 2019 AGI on line 8b of your Form 1040.

 

Please see the following page for additional information: Why Haven’t I Received My Second Stimulus Check?

Thanks for your attempt at explaining it, but there is no mathematical way to explain why I got $1,500, other than it's half of what I should have received.  Also, I already checked on the limits and based on my 2019 AGI, I should have received $3,000 (2 adults plus 3 dependent children).

@bmorr75 @kdrisdale - I have seen  numerous posts today that are similar - joint return with children and half the money missing..... we don't know how the IRS figures these things out,

 

suggestions:

 

1) the IRS is required to STOP sending out payments on January 15

2) the IRS won't accept returns any earlier than Jan 27 in any event.

3) wait until AT LEAST Jan 27 to file. By that time the mail will clear of any checks that were mailed. 

 

If still no payment, not to worry, as the 2020 tax return will reconcile the missing money.  Simply post what you ACTUALLY received in the Federal Review Section and then look on Line 30 of Form 1040 - the missing money should be listed there.  It will increase your refund (or reduce what you owe)

 

But the worst thing to do is rush and file prior to Jan 27 - Murphy's Law states that if you do that, the check will arrive the next day and you risk your tax return being rejected (because you got the check and stated on the return you didn't!) Patient will be a virtue this tax season! 😊

 

post back is questions! 

The same amount I received. Which was half which don’t add up. Especially if we checked already and it showed $3000