A few quick things to note about the economic impact payments from the Consolidated Appropriations Act…
- $600 for individuals (Phase outs start at $75,000 income)
- $1,200 for couples (Phase outs start at $112,500 HOH)
- $600 per child
- (Phase outs start at $75,000 Single, $112,500 HOH and $150,000 MFJ)
- The payment disappears at $87,000 for individuals and $174,000 for married couples.
If you do not receive the EIP “stimulus check”, you can claim the recovery rebate credit on your 2020 tax return.