There's a cutoff point AGI, where, if you (you and spouse) are above it, you get nothing.
Nothing? Are you sure? I read something like above $150k, you lose $5 refund for every $100 of income, something like that.
foxnews.com
People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000.
Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples whose adjusted gross income is more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark.
This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more.
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Any idea how they will pay? |
