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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Easye418 on January 01, 2021, 09:56:18 AM

Title: Stimulus 2: Phased out child payments this round?
Post by: Easye418 on January 01, 2021, 09:56:18 AM
I have looked everywhere on IRS website for definitions on Stimulus Round 2 and I can't find a clear answer for this.

For Stim 1, I received $325+$1000 flat for having 2 dependents under 17.

For Stim 2, I received the same $325 but $0 for 2 dependents. I would have expected $325+$1200 for 2 dependents.

Both CNET and Kiplingers calculator came out to the correct amount that I received.

Did they introduce a phase out for children in this stimulus package based on income?
Title: Re: Stimulus 2: Phased out child payments this round?
Post by: Duke03 on January 01, 2021, 10:16:21 AM
Did your kids age out of the program between the two stimulus payments?
Title: Re: Stimulus 2: Phased out child payments this round?
Post by: terran on January 01, 2021, 10:25:43 AM
Have you seen the calculation linked from here: https://forum.mrmoneymustache.com/welcome-to-the-forum/how-much-of-a-stimulus-check-are-you-expecting-and-how-are-you-going-to-spend-i/

It has a graph that might help you understand what's going on.
Title: Re: Stimulus 2: Phased out child payments this round?
Post by: Easye418 on January 01, 2021, 11:17:38 AM
Quote from: terran on January 01, 2021, 10:25:43 AM
Have you seen the calculation linked from here: https://forum.mrmoneymustache.com/welcome-to-the-forum/how-much-of-a-stimulus-check-are-you-expecting-and-how-are-you-going-to-spend-i/

It has a graph that might help you understand what's going on.
Quote from: Duke03 on January 01, 2021, 10:16:21 AM
Did your kids age out of the program between the two stimulus payments?

They did not age out of the program.

The terms of the program changed between 1 and 2 so the child payments are adding in before income reduction vs a flat payment.  Oh well, at least I know!

Thanks everyone!