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The IRS added together a $600 rebate for the parent and $600 for the two children to get $1,200, then subtracted the phaseout reduction of $750 ($50 for each $1,000 income above $75,000) to get $450. [6] According to the IRS, the stimulus payment did not reduce taxpayers' 2008 refunds or increase the amount owed when filing 2008 returns. [7]
Here’s a look back at the maximum amount of stimulus money you could have received in 2022. ... the first round of direct payments, in April 2020, paid up to $1,200 to single filers earning up ...
For example, the payment amount started to phase out for individuals who earned an adjusted gross income (AGI) of more than $75,000 and couples who earned an AGI of more than $150,000. A married ...
The proposed stimulus may call for $1,400 checks, but the amount your family will receive may be very different. ... Stimulus Checks to Have $200,000 Income Cut Off.
The Coronavirus Aid, Relief, and Economic Security Act, [b] [1] also known as the CARES Act, [2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.
Economic stimulus payment or economic impact payment may refer to several tax rebates, tax credits, tax deductions and grants from the federal government of the United States: Tax rebates as part of the Economic Growth and Tax Relief Reconciliation Act of 2001; Tax rebates as part of the Economic Stimulus Act of 2008
Similar to the first stimulus payments, single adults with income up to $75,000 will get the full $1,200 payment. Married couples with income up to $150,000 will get $2,400.
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]