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Stimulus Payment - Not as much as expected?

April 15th, 2020 at 03:47 pm

We received our stimulus payment today, we thought we would be getting $1200 each, for a total of $2400.00 The actual payment was $2189. Can anyone shed any light on why the difference in the amount?

Either way we are super happy for any bonus money in our lives! I moved it over to savings this morning. We also had some medical bills to pay out and we painted one of our extra bedrooms.

Getting close to $15K!

Current Balance $13,020.00
+$2200 Stimulus Payment
-$100.00 Painting Bedroom
-$400.00 Medical Bills
Balance $14,720.00

Local Savings $1795.00
GC Savings $3955.00
Capital 360 Savings (US) $2985.00
Capital 360 Savings (Mom Loan Payback Account)$3635.00
Capital 360 Savings (Rental Deposit Account #1)$850.00
Capital 360 Savings (Rental Deposit Account #2)$1500.00
Total Savings = $14,720.00

52 Week Challenge
2020 Total = $0

Posted in $20K challenge | 6 Comments »

6 Responses to “Stimulus Payment - Not as much as expected?”

  1. creditcardfree Says:
    April 15th, 2020 at 03:53 pm 1586965996
    1586965996

    Did you owe the government any money? Old tax debt or something similar? They would take that out of any payments. Also, some incomes have payments reduced, too.

    "For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments."

    Go to IRS.gov for more info.

  2. terri77 Says:
    April 15th, 2020 at 08:22 pm 1586982142
    1586982142

    Only thing I can think of is you owed money or you made more than the AGI limit. But the odd number doesn’t match the $5 deduction for $100 increments exceeding the limit.

  3. mumof2 Says:
    April 16th, 2020 at 01:52 am 1587001940
    1587001940

    I read that if you owe the irs money they won't be taking it out of the stimulus payment only if you owe child support...hopefully they will send a letter saying what the difference was for...but a good bonus none the less

  4. Dido Says:
    April 16th, 2020 at 02:42 am 1587004936
    1587004936

    Most probably you were in the phase-out range. Married couples stimulus payments start getting phased out if they are over $150,000 AGI, and couples whose AGI is over $198,000 are completely phased-out, that is, they get nothing.

  5. crazyliblady Says:
    April 16th, 2020 at 05:04 pm 1587056692
    1587056692

    This text appears on the IRS website:

    U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

    $75,000 for individuals
    $112,500 for head of household filers and
    $150,000 for married couples filing joint returns

    Taxpayers will receive a reduced payment if their AGI is between:

    $75,000 and $99,000 if their filing status was single or married filing separately
    112,500 and $136,500 for head of household
    $150,000 and $198,000 if their filing status was married filing jointly

  6. Banker Gurl Says:
    April 17th, 2020 at 09:30 pm 1587159057
    1587159057

    We don't owe anthing for any kind of child support, liens, taxes, old debts, etc. Nothing at all.

    We file jointly and we only make a little over $100K combined per year, so still not sure why the reduction?

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