Did you get an Economic Impact Payment (EIP) that was less than you expected? The federal government is sending EIPs to help mitigate the effects of COVID-19. If you’re under a certain adjusted gross income (AGI) threshold, you’re generally eligible for the full $1,200 ($2,400 if married filing jointly). And if you have a “qualifying child,” you’re eligible for an additional $500. Some people have received EIPs for less than they were expecting because they make too much money to receive the full EIP. Others may think their children are eligible for a payment and they aren’t. Still others may have debts, such as past-due child support or garnishments from creditors, that reduced their EIPs.
© 2021 Taylor & Morgan, CPA, PC All Rights Reserved.
Web Builder CS: Websites for Accountants