Number of the Day Shows Limited Reach of Stimulus
Our take on the most relevant or interesting figure in personal finance today
That’s the income cutoff for receiving a stimulus check in the latest COVID-19 federal rescue package.
While adults with $75,000 or less in modified adjusted gross income in 2019 will receive the full $600 stimulus payment promised by the $900 billion economic relief package approved Monday, the check decreases by $5 for every $100 of income above those thresholds. That means those who earned $87,000 or more in 2019 will not get a check. (Because the checks in the spring were capped at $1,200, the 2019 income threshold back then was $99,000.)
Similarly, married couples and heads of household have lower cutoffs with the new round of checks too:
- The phaseout for married couples filing jointly begins with income above $150,000 and ends at $174,000
- The phaseout for heads of household begins at anything higher than $112,500 and ends at $124,500.
The stimulus checks will include up to $600 for each qualifying child as well. These payments also phase out along the same track, according to multiple certified public accountants who reviewed the bill.