The IRS takes into account several factors in deciding whether to give you the entire stimulus check or just part of it.
The income that you report on your taxes is the main element that the IRS takes into account when determining your stimulus check.
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Knowing how much money you will receive in a stimulus check may seem like a puzzle to many people. And although the distribution of a second stimulus check has not yet been approved, it is very likely that the government do the same procedure that you used with the first to give the new.
Therefore, to know how it calculates how much money will the IRS give you in a stimulus check, you must take into account your taxes.
Specifically, the IRS takes into account all the money you have earned and that you have declared in your 2019 taxes. If you did not file this year’s taxes, it will take into account those of 2018, as reported in CNet.
The largest amounts of money you could receive, depending on your income, would be the following:
–You will be given up to $ 1,200 if your income in one year was $ 99,000 or less and you are single.
–They will give you $ 1,200 if your income in one year was $ 136,500 and you declared your taxes as head of household.
– They will give you up to $ 2,400 if your income and that of your partner in one year was $ 198,000. This money will be given to married couples who file joint tax returns.
Based on these figures, the IRS reduces the money in the stimulus check by $ 1 for every $ 20 you have over these amounts.
Another important thing to consider are dependent children. The IRS gave a $ 500 payment on the first stimulus check for each child under age 16, and probably do the same on a second stimulus check for each child.
It only remains to know the amount that they will give this time and which dependents would be eligible, since there is a possibility that, this time, age is not taken into account.
–It may also interest you: Are you a non-resident foreigner in the US? We tell you if you could receive a second stimulus check