Size Your Next Stimulus Check With These Calculators
On Saturday morning, the U.S. House of Representatives – or more accurately, the House of Democrats – passed the $ 1.9 trillion American Rescue Plan. (Zero Republicans crossed party lines to support the law; two Democrats voted against.) The plan, which is expected to be passed by the U.S. Senate this week, will include a wide range of provisions, including funding for the production and distribution of the COVID-19 vaccine. , an extension of federal unemployment benefits … and a third round of stimulus payments for some American households.
If passed and signed into law, the American Rescue Plan will provide a maximum of $ 1,400 for individuals and $ 2,800 for couples, plus an additional $ 1,400 for each dependent. Of course, it all depends on your Adjusted Gross Income (AGI). To receive the full amount, an individual AGI cannot exceed $ 75,000 or $ 150,000 for couples.
But even so, that doesn’t mean you’ll leave empty-handed: people with AGIs between $ 75,001 and $ 100,000 (and couples with AGIs between $ 150,001 and $ 200,000) will receive income-adjusted incentive checks.
So how do you know if one of these incentive checks is approaching and how much will it cost? Here are two calculators to help you figure it out.
American Rescue Plan Calculator
Created by Jasmine Ma, web developer for the Omni Calculator, this online tool allows users to enter multiple numbers and other details to estimate the amount they can expect from their next incentive check. (In addition to the American rescue plan calculator , Mah has produced similar calculators before, Fast Company reports .)
Growth calculator
Another option is offered on Grow’s personal finance website and takes into account your registration status, AGI, and the number of your dependents. And if you need help calculating your AGI, here’s how to calculate it .
When you file your 2020 tax return, it matters
One note: when you file your 2020 tax return, you can determine the amount you will receive on your third incentive check – or whether you will receive it at all – as Mike Winters of Lifehacker recently pointed out . The bottom line is that you should file your tax return earlier if your income falls below the $ 75,000 threshold in 2020, as your check will be based on that lower amount, but check out the full article for more details.