Stimulus check received for 2019 returns filed

[Rapid Robert]

. I don't know the formula off the top of my head. But, maybe it's enough for him to get $500 for each of his 4 kids.

For those who read this forum, the formula was posted just a few days ago in another discussion.

https://forum.thetaxbook.com/forum/d...-multiple-kids

Multiply the total unreduced credit by 20 to get the size of the phaseout range.

[TAXNJ]

I have a client that called asking about his FREE money and I told him he is not getting any because his joint income with wife is over $200,000. (He has 4 kids under 17 year old). So he checks the government web site and finds that he is getting $2,000. He calls tells me about it AND I'm floored...…….. ??????

How much is it worth?


Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.