What are the income cutoffs for higher income taxpayers?
Higher-income taxpayers get partial stimulus payments or none at all. This is determined by a taxpayer’s Adjusted Gross Income, or AGI. That’s total income minus certain adjustments, like IRA contributions. Stimulus payments are reduced starting at $75,000 AGI for single persons, and $150,000 AGI for married couples. A payment is decreased by 5 percent of AGI income over the limit. However, if the taxpayers have children, the calculations get a bit tricky. The good news is that they might qualify for more money than the income cutoffs would seem to allow. And TurboTax figures it out for you. Here’s how it works: • A single woman with no children, who pays more than $600 in taxes, could in theory qualify for a $600 rebate. If her AGI is $80,000, and therefore above the $75,000 limit, her rebate is reduced by $250 (that’s 5 percent of the $5,000 over the limit) for a payment of $350. However, if the same woman has two children, her stimulus payment is $950. That’s $600 for herself plus $
