From neighbor chit-chat:
With the understanding that thresholds of income and children/dependents as filed with one's most current IRS tax filing, will provide a variety of stimulus payment amounts; a question arose about an electronic deposit.
---Relative to the 2 most recent stimulus payments, the following would apply and is the easy math:
Joint filing (married couple), no dependents, upper income level below cut off amount; allowing for a full $4,000 for a couple. Nice and understandable.
The (1st stimulus, CARES ACT) had guidelines that household dependents/children over age 16 received no monies. The last two stimulus have changed the $ amounts and age guidelines.
Our question to one another regarding other family members with children: How do the parents having an electronic deposit know that the math is correct for the total value of the stimulus payment for their family???
Aside from being able to view the total amount deposited in a bank/cu account; does the tax payer/family receive some form of notification as to how the total payment amount is calculated???
Thank you for your time.