Third stimulus check calculator: Updated with new income limits

Third stimulus check calculator: Updated with new income limits

You may have heard that your third stimulus check will be much larger than either of the first two. And you may have also heard that it could be smaller, or that you may not even qualify for any money at all. The reason for the confusion is that, as the $1.9 trillion stimulus bill was debated and amended in the Senate, things like income limits and eligibility rules have been in flux.

And there’s no blanket answer to the question of how the third payment might compare to the first or second stimulus checks. It’s almost a sure thing that checks will max out at $1,400, but some Americans will experience phase-outs (or total ineligibility) even if they received one or both of the previous checks in full.

The best way to know what to expect is to plug in your particular scenario and let our third stimulus check calculator spit out a projection for you. We keep our calculator updated to account for changes while we wait for the American Rescue Act to be finalized and officially signed by President Joe Biden, likely by March 14. For more payment details, here’s how a third check arriving during tax time could go. And if you had a baby in 2020 or you’re one of the millions of Americans who didn’t receive the first or second stimulus check, here’s how to claim it on your 2020 tax return. This story was recently updated.

$1,400 stimulus calculator: How much could you get exactly?

There’s just one more hurdle to go before President Joe Biden signs the $1.9 trillion stimulus bill into law, and that’s passing the amended bill in the House — an event set to take place this week. The Senate made a notable change to the third check by reducing the upper income limit to receive any check. If your AGI, or adjusted gross income, 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.

Here’s who would get the full stimulus amount and when you would completely phase out of receiving a payment, using the new Senate guidelines. As an individual or couple’s income goes up, the size of the partial payment would get smaller. (Here’s our first stimulus check calculator, and here’s the calculator for the $600 second check.)

How the latest dependent qualifications could affect your stimulus check calculations

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

  • Each dependent counts for a flat rate of $1,400, even if the adult counts for less (e.g. a married couple with a combined AGI of $155,000)
  • Dependents are no longer restricted by age. College students, adult children with disabilities and older adult relatives would 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.

An extreme example of the last one: a single parent of four who makes $120,000 wouldn’t qualify, where a single parent with 4 dependents who makes $119,000 would still get money.

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.

The current proposal would also include families with mixed citizenship status; that is, where at least one family member is a US citizenRead more>>

Source:-cnet

Share:

About rajtechnews