Q. What is the qualifying income for the economic stimulus payment?
A. There are two parts to the stimulus payment according to the IRS.
1.) You may be entitled to a payment based on tax liability if your adjusted gross income is within the qualifying limits of $75,000 or under for single and $150,000 or under for married filing jointly. The payment is equal to the taxpayer’s net income tax liability but not to exceed $600 for a single person or $1,200 for married filing jointly. There are additional amounts available if you have a qualifying dependent.
2.) If you have no tax liability, then you must have qualifying income of at least $3,000 which includes wages, self-employment income, social security SSA or Railroad Retirement Benefits RRB. The economic stimulus payment with this qualifying income will be a minimum payment of $300 for single or $600 for married couples.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of 1. avoiding penalties under the Internal Revenue Code or 2. promoting, marketing, or recommending to another party any transaction or matter addressed herein.
Securities offered through Valley National Investments, Inc. - an independent broker/dealer and member FINRA and SIPC.
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