Based on the legislation, the amount an individual will receive is based on adjusted gross income, filing status, and number of children that qualify for the child tax credit. As outlined, single taxpayers with an AGI of or less $75,000 or $112,500 or less if filing as the Head of Household on their most recent tax return should be eligible for $1,200. These taxpayers are also eligible for an additional $500 for each dependent child under 17. Taxpayers who are married filing jointly and have an AGI of $150,000 or less should be eligible for $2,400 and an additional $500 for each dependent child under age 17.
The exact amount a specific taxpayer will receive is determined by the IRS. Use our Stimulus Calculator to see how much you may get.
Taxpayers with an AGI above these thresholds may also be eligible for stimulus funds under a “phase-out” calculation method. However, these calculations are more complex and are more dependent on individual circumstances. The phase-out is based on a taxpayer’s AGI, filing status, and number of children that qualify for the child tax credit. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Income such as wages, interest, self-employment income, pension income is all reported on the tax return and is part of the Adjusted Gross Income (AGI).