Friday, November 22

How much money will you receive on your second stimulus check if your income level (AGI) exceeds what is required by law?

Although millions of Americans eligible for the second stimulus check approved this month in the United States Congress will receive the full payment provided by law from the Internal Revenue Service (IRS) , others will see the figure reduced due to their annual income level (AGI) .

The new economic rescue law provides for minimum checks of $ 600 dollars per individual, and $ 1, 200 for couples filing jointly.

For each minor dependent, the statute also establishes for payments of $ 600.

Who will receive all the funds and who will not?

Taxpayers who reported to IRS in the 2019 annual gross income up to $ 31, 000, they 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 reduced in check for each $ 100 dollars that earn above the amounts mentioned.

The distribution process of the so-called “Economic Impact Payments” started this week with direct deposits and will run until at least 12 January 2021 .

Some recipients will not be able to use the funds until December 4, date established by the Department of the Treasury as the official payment; even when they see the funds reflected in their bank accounts.