Too little or too much money? No payment at all? Here's what the IRS has said about inaccurate stimulus payments investinyou (In partnership with acorns.)
Millions of Americans have received their economic stimulus payments of up to $1,200 a person. But some are taking a look at those sums and wondering what happened.
False expectations with regard to payment amounts could be one reason for the misunderstandings. The checks are based on your adjusted gross income from either your 2019 or 2018 tax return, whichever is most recent. There are other variables that affect the amount of those checks, particularly if you are above certain income thresholds — $75,000 for individuals and $150,000 for married couples. For income above those levels, your government check will be reduced. Payments phase out completely for income above $99,000 for individuals and $198,000 for couples.Still, because the government rushed the money out to help Americans, there could be inaccuracies.
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