Wondering why you didn’t get the full $1,200 stimulus payment you heard about?
If you earned more than $75,000 last year, or earned more than $150,000 as a married couple, your check was reduced according to a formula in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Individuals with adjusted gross incomes less than $75,000 were eligible for $1,200 in benefits, along with married couples with adjusted gross incomes below $150,000.
The amounts decreased $5 for every $100 of income above the $75,000/$150,000 line. Those earning more than $99,000 ($198,000 for married couples) received nothing.
The feds also dished out $500 for every qualifying dependent child younger than 17.
If you’re receiving Social Security or government disability payments you should have received your payment sometime in May.
Missing your check or direct deposit? The IRS has created a handy “Get My Payment” website to track the status of the economic impact payments.
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