Technical Correction Fixed

Our recent publications regarding the stimulus payments have been corrected.

What publications did we change: 

1) Our quarterly newsletter (1040 News: page 1, column1)

2) Our fact sheet entitled CARES Act Stimulus Payments.

 

What was incorrect:  The extra $500 per dependent under 17 will not be paid "regardless of income".

 

What is correct:  The $500 credit phases out just like the $1200/$2400 portion of the stimulus... by 5% of AGI in excess of the threshold.  Therefore, each dependent (under 17) raises the upper AGI threshold by $10000 ($500/0.05).

 

Thanks for your understanding!