How much money will you receive on your second stimulus check if your income level (AGI) exceeds what is required by law? | The State
Although millions of Americans eligible for the second stimulus check approved this month in the United States Congress will receive the full payment required by law from the Internal Revenue Service (IRS), others will see the figure reduced due to their annual income level (AGI).
The new economic bailout law provides for a minimum check of $ 600 per individual, and $ 1,200 for married couples filing jointly.
For each minor dependent, the statute provides for payments of $ 600 for each one.
Who will receive all of the funds and who will not?
Taxpayers who reported annual gross income of up to $ 75,000 to the IRS in 2019 will receive the $ 600. In the case of married couples who file their returns together, they are eligible for full payment, if their income does not exceed $ 150,000.
If income exceeds the above thresholds, recipients will have $ 5 less on their check for every $ 100 they earn above the amounts listed.
The so-called distribution process “Economic Impact Payments” It started this week with direct deposits and will run until at least January 15, 2021.
Some recipients will not be able to use the funds until December 4, on the date established by the Treasury Department, as the payment officer; even when they see the funds reflected in their bank accounts.
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