Quote:
Originally Posted by MAXUM
The Stimulus Checks Phase-out at:
$75,000 in adjusted gross income for singles.
$112,500 for heads of household.
$150,000 for married couples (when couples file joint tax returns).
Payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.
Completely phase out at $99,000 for singles and $198,000 for couples (with no children).
So keep in mind if you file jointly one member can earn more than the 75K and still get the entire amount so long as the jointly filed combined adjusted gross income does not exceed the 150K mark.
|
So, if my income varies from year to year and I get paid mostly on 1099 how does the treasury know what to send? I haven't filed my 2019 return yet. What about folks who got new, better paying, jobs in 2019. Will they pay me and then take it back when I file my 2020 return?
Complex stuff. No need to answer. We'll wait and see if Congress ever gets it in gear and passes the bill. And then maybe some follow up bills to fix and tweak. "Do it right, do it once.," is not applicable to Congress.