(August 5, 2020 at 7:25 am)BrianSoddingBoru4 Wrote:(August 4, 2020 at 10:30 pm)arewethereyet Wrote: Some details on the first stimulus check per the IRS website...simple Google search answers all.
The $1,200.00 amount is to be paid to individuals who made up to $75K and couples filing jointly will get $2,400.00 (2*1200) up to $150K. The income is based on the adjusted gross income on your tax filing from 2018 if your 2019 wasn't done in time. After those income thresholds are met the amount of the stimulus check will be reduced incrementally for amounts over those stated above. Once an individual hits $99K and a couple $198K there is no payment to be made. There were also $500.00 payments sent for dependent children.
The first stimulus check is NOT considered taxable income.
They are still hammering out the details of a possible second check but the details will probably be similar. Different amounts paid and perhaps different income levels as a cutoff.
Since the stimulus check isn’t taxable income, you’ve taken away something for Brian to fret about.
How can you be so cruel?
Boru
It's a gift.