Is Turbotax Stimulus Calculation Accurate?

[Anonymous]

I am seeing this for couple in their 70's. 

"Let's double-check the amount you received

Based on the tax info you entered and your combined adjusted gross income of $155,962, you and Mary are eligible for the following stimulus payments:

First-round:       $2,400

Second-round: $1,200"

Shouldn't these start phasing at out AGI $150,000 and be amounts less than the above?

Using TT Deluxe Desktop Windows

[JamesG1 · Accepted solution]

I cannot see your tax return but I suspect that you are seeing this statement because TurboTax suspects that you may be eligible for a stimulus payment reduced by 5% of the amount by which your AGI exceeds the applicable threshold.

IRS FAQ under Who’s eligible for the second round of Economic Impact Payments? states:

Generally, if you’re a U.S. citizen or U.S. resident alien, you may be eligible for $600 ($1,200  for a joint return), plus $600 for each qualifying child, if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2019 tax return, have a social security number (SSN) valid for employment and your adjusted gross income (AGI) does not exceed:

• $150,000 if married and filing a joint return or if filing as a qualifying widow or widower;
• $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.

After you enter the actual amounts of stimulus payments received, what answer does TurboTax arrive at?

[Anonymous]

@JamesG1 Thank you. It looks like the form is calculating it correctly. They should put reduced amounts on that screen since they have already have the AGI there.