Stimulus check calculator: How much of the $1,400 could you get this weekend? - CNET

You can calculate how much money you and your family could expect with a $1,400 limit.

Sarah Tew/CNET

Are you getting a third stimulus check this weekend, next week or later? Until the IRS tracking tool opens up Monday, the only way for direct deposit recipients to tell for sure is to check their bank accounts. But we can tell you right now how much money you and your family can expect with the $1,400 stimulus check. For many, the answer isn't "$1,400." 

While the size of the per-person maximum has more than doubled since the second payment, new rules about your income have changed the stimulus qualifications. In the end, fewer people will be eligible overall, but many of those who are will get much more money. 

As a result of the way the stimulus check formula shakes out, the math doesn't always work out exactly as you might think, which is why we made a calculator based on the new limits. Scroll down to enter info like your AGI and dependents (the calculator doesn't retain your personal details in any way). When you're done, here's what to know about claiming missing stimulus money on your 2020 tax return (if, for instance, you had a baby in 2020), and how tax season will affect your stimulus payment. This story was recently updated.

Stimulus check calculator: Can you get the full $1,400?

The Senate made a notable change to the third check before the bill was signed into law by reducing the upper income limit to receive any check. If your adjusted gross income, or AGI, is equal to or more than $80,000 (single taxpayers), $120,000 (head of household), or $160,000 (filing jointly), you won't be eligible. See below for more details.

Note that this calculator should be used as an estimate only. If you think the check size you receive is in error and doesn't match your below estimate, it's possible you may need to claim the rest of your payment at a later time.

Proposed $1,400 stimulus calculator

Use details from your 2019 or 2020 tax return

1. Choose your filing status below.

Here's who will get the full stimulus amount and when you'll completely phase out of receiving a payment, using the new guidelines that were officially set this week. As an individual or couple's income goes up, the size of the partial payment gets smaller. (Here's our first stimulus check calculator, and here's the calculator for the $600 second check.)

Stimulus check income limits

	Full $1,400 per person maximum (based on AGI)	Not eligible (based on AGI)
Individual taxpayer	Less than $75,000	$80,000 or more
Head of household	Less than $112,500	$120,000 or more
Married couple filing jointly	Less than $150,000	$160,000 or more

The final qualifications for dependents

There are two new rules with the third stimulus check that could affect you if you have dependents. 

• Each dependent counts for $1,400.
• Dependents are no longer restricted by age. College students, adult children with disabilities and older adult relatives will now count toward $1,400 each. 
• Unlike the first two checks, you can't receive any money if you exceed the upper income limit, even if you have dependents. 

Now playing: Watch this: Stimulus check 3: How much money you'll get

2:32

An extreme example of the last one: a single parent of four who makes $120,000 won't qualify, where a single parent with four dependents who makes $119,000 will still get some amount of money. The amended bill also includes families with mixed citizenship status; that is, where at least one family member is a US citizen.

Expanding qualifications to dependents of any age makes approximately 13.5 million more adult dependents count toward their household total, according to The People's Policy Project. 

Read more: Stimulus money, tax breaks for kids, older adults: Not just a $1,400 check

Now playing: Watch this: Your tax questions answered in 3 minutes

3:29

Some likely stimulus check scenarios, calculated

To give you an idea of how much you should expect to receive in a third payment using the new income guidelines, we calculated a few scenarios for individuals, heads of households and families in the chart below. You can see how setting a hard upper limit changes your payment, based on the amount of money you could expect.

Payments for different incomes and dependents

	Individual	Head of household	Married couple, filing jointly
AGI of $75,000 and no dependents	$1,400	$1,400	$2,800
AGI of 79,000 and no dependents	$280	$1,400	$2,800
AGI of $90,000 and no dependents	$0	$1,400	$2,800
AGI of $100,000 and no dependents	$0	$1,400	$2,800
AGI of $100,000 and 1 dependent	-	$2,800	$4,200
AGI of $115,000 and 1 dependent	-	$1,867	$4,200
AGI of $120,000 and 1 dependent	-	$0	$4,200
AGI of $130,000 and 1 dependent	-	$0	$4,200
AGI of $100,000 and 2 dependents	-	$4,200	$5,600
AGI of $115,000 and 2 dependents	-	$2,800	$5,600
AGI of $155,000 and 2 dependents	-	$0	$2,800
AGI of $160,000 and 2 dependents	-	$0	$0

For more information on stimulus checks, here's how to report missing stimulus money to the IRS, what to do if you're missing any stimulus money, what we now about setting up direct deposit and here are the important things to know about stimulus checks and your taxes.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

Let's block ads! (Why?)

"much" - Google News
March 14, 2021 at 01:00PM
https://ift.tt/3rNqSou

Stimulus check calculator: How much of the $1,400 could you get this weekend? - CNET
"much" - Google News
https://ift.tt/37eLLij
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini