The Internet and social media are buzzing with word of another federal stimulus payment coming to Americans. US Senator Bill Cassidy of Louisiana says so far that has NOT been approved, but he says if this drags longer, there will likely be another round of stimulus for individuals.
"I hope not, but as necessary, I suspect so," Cassidy explained. "Whether or not there is another stimulus effect depends on how long this goes."
The $1,200 Payment for eligible individuals with no qualifying children ($2,400 for married couples filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:
- $198,000 for taxpayers filing a joint return
- $136,500 for taxpayers filing as head of household
- $99,000 for all others
Each of these threshold amounts increases by $10,000 for each additional qualifying child. For example, because families with one qualifying child receive an additional $500 Payment, their $1,700 Payment ($2,900 for taxpayers filing a joint return) will be reduced to $0 once adjusted gross income reaches the following thresholds:
- $208,000 for taxpayers filing a joint return
- $146,500 for taxpayers filing as head of household
- $109,000 for all others
