![]() The AGI thresholds at which the payments began to be reduced were identical to those under the CARES Act. The COVID-related Tax Relief Act of 2020, enacted in late December 2020, authorized additional payments of up to $600 per adult for eligible individuals and up to $600 for each qualifying child under age 17. For a family of four, these Economic Impact Payments provided up to $3,400 of direct financial relief. The payments were reduced for individuals with adjusted gross income (AGI) greater than $75,000 ($150,000 for married couples filing a joint return). Related: The National Debt Is Now More than $30 Trillion.Starting in March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided Economic Impact Payments of up to $1,200 per adult for eligible individuals and $500 per qualifying child under age 17. Learn more about the various policy measures that Congress has taken thus far to address the coronavirus. $198,000 for married couples filing jointly.$136,500 for taxpayers filing as head of household.The payments began phasing out at the same income levels as the current payments, but since the payments authorized under the CARES Act were larger, the maximum income levels to receive a payment were also larger: Those initial payments issued earlier in 2020 were $1,200 per person, or $2,400 for those filing jointly, plus $500 per qualifying child. ![]() The Congressional Budget Office estimates that those first-round payments will eventually cost a total of $292 billion. In 2020, the IRS had issued 162 million payments - totaling $271 billion. The first round of stimulus payments were authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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