Level 15

Let's Have A Contest: Lowest EIP; Highest EIP Less Than $1,200

Forum|Forum|6 years ago
April 26, 2020
2 replies
15 views

Client's 2018 AGI: $75,009. EIP Received: $1,199.55

Her 2019 is less than $75K (not yet filed). Do you think they will send her another 45 cents?

This topic has been closed for replies.

qbteachmt

Level 15

"If your adjusted gross income is above $75,000, you’ll receive an amount that will be reduced by $5 for every $100 in adjusted gross income above $75,000."

Wow, they really split that hair.

You realize it's easy to win Lowest EIP? There are people who will get $0. What did I just win?

Don't yell at us; we're volunteers

George4Tacks

Level 15

@qbteachmt you are now the Grand CHAMPION, regardless of what Intuit thinks.

,

Answers are easy. Questions are hard!

BobKammanAuthor

Level 15

@George4Tacks

Thank you. I remember seeing one of those on a bull at the State Fair, just before he left for the slaughterhouse.

I should have added another category: Highest EIP, which of course would depend on how many kids under 17. I have clients who received $4,400 but I'm sure others can do better than that. Especially with modern fertility treatments. (If only there were money for prize-winning bulls.)

S

Skip_Bogard_MBA_BSN_RN

Level 2

The EIP is an advance of a refundable tax credit on the 2020 tax return. Thus, it eventually will be based on her AGI, filing status, and children under the age of 17 for 2020.

So no, they won't send her 45 cents. She might earn that .45 credit on her 2020 return, but whole dollar rounding will fix that...

If a person wasn't eligible to claim the EIP based on their 2018 or 2019 tax returns but later is eligible based on their future 2020 return, they can claim their benefit next filing season. So, a lot of high incomers in 2018 and 2019 will still see $1,200 credits in 2020. They just don't get the advance.

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