Stimulus plan income phase-out

The "Economic Stimulus Payment Notice" I received from the IRS says, "Qualifying Income is earned income, Social Security benefits, and certain veterans' payments." Qualifying Income is used to determine the payment to people with no Net Income Tax Liability.

It goes on to say that "The stimulus payments are reduced for taxpayers with adjusted gross income (AGI) of more than $75,000 (more than $150,000 if married filing jointly).

So it appears that your first statement is correct.

Dave

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"HW "Skip" Weldon" wrote

I suspect the sentence above is one of those poorly done soundbites from a media source, maybe before Congress and the IRS nailed down exactly how income would qualify. As you probably know, none, some, or all of SSI may count towards AGI, depending, so this throws a wrench into calculation of the stimulus payment.

The IRS "Economic Stimulus Payment" calculator linked at

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