I received a form notice from the IRS describing the amount of the stimulus payment under certain common situations. The final sentence reads: "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).
What is the formula or rule that determines the amount of the reduction?
Thanks.
The reduction is 5% of your AGI above the applicable limit.
"CWLee" wrote
Perhaps the IRS's online calculator for stimulus payments would be helpful. See the link at
"Phil Marti" wrote
Thanks. That is exactly what I was looking for.
"Elle" wrote
Since I already knew my AGI, the calculator was not useful, since one must make a large number of intermediate entries to enable the calculator to perform.
Nevertheless, Thanks.
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