This is called the economic impact payment by the IRS.
The max per taxpayer is $1,200 and $2,400 per married filing joint couple. For each qualifying child there is an additional $500.
The phase out starts depending on your filings status and AGI. For a single filer it starts at $75,000, for joint filers it starts at $150,000, and head of household filers $112,500.
Subtract $75,000, $150,000, or $112,500 from your AGI and multiply this by %5 and subtract this amount from the maximum credit.
A single filer with an AGI of 90,000 subtracts $75,000 equals $15,000 multiplied by %5 is 750 so take 1,200 minus 750 equals 450. A single filer with and AGI of 90,000 would receive an economic impact payment of 450.
What if you are recently unemployed? File with your state for unemployment benefits. Keep in mind most state don’t have the infrastructure to easily process the influx of recently unemployed. It may become a new full time job to apply and receive benefits. Have patience we are on COVID-19 time now.
Sincerely,
