Third stimulus check: We calculated a few scenarios to help you estimate your payment

February 24, 2021 0 By boss



You can calculate how much money you and your household would get with a $1,400 stimulus check maximum.

Sarah Tew/CNET

The reality of a $1,400 third stimulus check is near. The House of Representatives is working to finalize the details in Biden’s $1.9 trillian COVID-19 relief package this week, which puts it on track for a mid-March approval. This means tens of millions of Americans could see a third stimulus check before the end of March. The details are still being ironed out, and eligibility requirements for the third stimulus check are different than those for 2020’s first two payments. (Here is how the checks compare.) Because determining your potential payment is so confusing, we created a stimulus check calculator, below, which you can use to plug in your own information to get a customized estimate.

To help you quickly figure the total you may be eligible to receive, we’ve updated our stimulus check calculator based on the most recent version of the bill (PDF). Among the new potential eligibility requirements are citizenshipnumber of dependents and individual and family income caps. Although more could happen between now and mid-March, we have a solid understanding of how the stimulus formula could change.

Here’s more information on how you could potentially get a significantly larger third stimulus check, as well as how it’s possible to get less money or even none at all. Here’s how a third check during tax time could play out. And if you’re one of the millions of Americans yet to receive the first or second stimulus check, here’s how to claim it on your 2020 tax return. This story updates often.

Use this stimulus check calculator to find out your ‘targeted’ $1,400 payment

Based on the latest House bill (PDF), some qualifications used to determine the amount you could receive with the first two checks — including how much money you and your family can earn a year to get the full $1,400 — will look familiar. Other qualifications will be new, however, such as a hard cap to receive any money at all. Our calculator tool will give you an idea of the amount you can expect. The stimulus calculator won’t store or use your data. Since our calculations are based on the most recent House proposal, it could change again before becoming law.

Proposed $1,400 stimulus calculator

Use details from your 2020 or 2021 tax return

1. Choose your filing status below.

Here’s who would get the full amount under this House proposal, based on your adjusted gross income, or AGI, and when you would completely phase out of receiving a payment. As an individual or couple’s income goes up, the size of the partial payment would get smaller. 

Stimulus check proposal for income limits

Full $1,400 per person maximum (based on AGI) Not eligible (based on AGI)
Individual taxpayer Less than $75,000 $100,000 or more
Head of household Less than $112,500 $150,000 or more
Married couple filing jointly Less than $150,000 $200,000 or more

How changing eligibility rules could affect stimulus calculations

New with Biden’s proposal, all dependents would qualify for a $1,400 payment. Also new: The upper income limit is a hard cap. Above the income ceiling, you no longer qualify for any stimulus money, including for your dependents. With the first two checks, you could hit the cap and still receive money for a dependent.

Expanding qualifications to dependents of any age would make approximately 13.5 million more adult dependents count toward their household total, according to The People’s Policy Project. Biden’s proposal also looks to include families with mixed citizenship status; that is, where at least one family member is a US citizen.

Now playing:
Watch this:

Stimulus check No. 3: What you need to know


How much can you expect to receive this time?

To give you an idea of how much you might expect to receive in a third payment using the income guidelines Congress is considering, 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 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 85,000 and no dependents $840 $1,400 $2,800
AGI of $95,000 and no dependents $280 $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 $133,000 and 1 dependent $1,270 $4,200
AGI of $166,000 and 1 dependent $0 $4,200
AGI of $200,000 and 1 dependent $0 $0
AGI of $100,000 and 2 dependents $4,200 $5,600
AGI of $133,000 and 2 dependents $1,904 $5,600
AGI of $166,000 and 2 dependents $0 $3,808
AGI of $200,000 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 and here are the important things to know about stimulus checks and your taxes.


Source link