Do my wife and I still qualify for the $500/child for 2 kids if we earn more than $200k in combined joint income? If I didn’t file for 2019 taxes yet, and one kid was born 2019, do we get 500 or 1000?

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CPA exam flashbacks 😮

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LMGTFY.com

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You’re making over 200k. Why are you concerned about a $500 difference? Hope it’s not due to a family illness or anything like that.

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Assoc 2 is on point. I never said I was in a financial crunch or having a tough time managing money. I was merely curious if I still qualified for the money from a child stimulus payment perspective. Even if it’s a small fraction of my overall household income, it still helps with the food and diaper bills. People are just hating on those with better incomes. Sheesh. I’m not here to flaunt my wealth, and it hilarious to hear people judging me saying crap like I’m living above my means.

Since you haven’t filed 2019, the distribution will be based on 2018 taxes. Since your child was not born as yet, they will not be counted-but you would still claim the credit on your 2020 return if your AGI qualifies you.

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Likely no phaseouts kick in for singles at $75k income.

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I believe if you are phased out at $200k you are phased out of everything, even the $500 per kid so it doesn’t matter whether you have one or two, it is still $0

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Agree only if $200 is OP’s AGI, if this is their gross income amount they may still qualify depending on the amount of their above the line deductions.

https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/

Depends on your overall contributions to pre-tax savings vehicles; I.e., 401k, FSA, HSA. I received a happy surprise yesterday. Cheers to maxing our contributions.

PWC3 thanks for the straightforward response. I think that makes sense. I mostly wanted to know if the $500 child credit was independent of income amount. And whether I would qualify for 1 or 2 kids if I went by 2018 instead of 2019 tax year.

OP it’s not independent of income, if your AGI is above the limit you won’t receive the child credit.

You will probably still get the 500 / kid.

Looks like you get $400

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