The U.S. government is sending checks to Americans to help weather this crisis. This stimulus check calculator will help you figure out what you (and your family) will receive.
The coronavirus pandemic has shut down large sectors of the economy, resulting in layoffs, furloughs, and a serious disruption to businesses. Many employees who are deemed non-essential have been confronted with sudden job loss or extremely uncertain employment prospects. Earlier today, U.S. Department of Labor figures indicated that unemployment filings have surged to 6.6 million, with millions more in desperate need. Accordingly, Congress recently approved, and President Trump signed into law, a $2.2 trillion economic stimulus package for America.
That includes payments for Americans who are eligible. The law will provide $1,200 payments to single adults with annual incomes up to $75,000. It also includes $500 for every child. Americans who earn more than $75,000 will receive money if they meet specific criteria. Below, we break down what your likely payment will be.
Stimulus Check Calculator — How Much Will You Receive?
Who qualifies for a stimulus check payment?
Here’s a quick breakdown of who qualifies to receive a stimulus check. Individuals with adjusted gross incomes less than $75,000 receive the full $1,200. Reduced checks go out to individuals making up to $99,000 a year. Those checks are reduced by $5 for every $100 in income above $75,000.
Married couples who make under $150,000 a year will receive a $2,400 check. Reduced checks are available to married couples who earn up to $198,000 on the same sliding scale. Married couples will also receive an additional $500 for each child under the age of 17.
Head of household filers are eligible to receive the full $1,200 stimulus check for incomes lower than $112,500 per year. Reduced checks on a sliding scale will go out for HoHs, earning up to $136,500 per year. HoHs will also receive $500 for each child under 17.
The government is relying on 2019 tax returns if you’ve filed them. The IRS will use any direct deposit information on your 2019 tax return. If they don’t have that information, the IRS will mail a check to you.
When will the U.S. stimulus check payments arrive?
Treasury Secretary Steve Mnuchin says they aim to get the first payments made by April 17th. Direct deposits will go out first, while those who are receiving an actual check will wait longer. During the 2008 stimulus, payments were issued in batches that took about eight weeks to complete.
Roughly 125 million Americans are eligible to receive a stimulus check. Be sure to use our stimulus check calculator to determine how much you may receive, and read the eligibility details. Those who won’t get a payment include the wealthy, “non-resident aliens,” and dependents who can be claimed on another’s tax return. (That unfortunately includes a lot of adult-aged college children.)
You should file your 2019 taxes as soon as possible to make sure the IRS is using up-to-date information.
File even if you owe past taxes – the check is not impacted by how much you owe. Only past-due child support payments can reduce the stimulus check. Do you have more questions that our stimulus check calculator didn’t answer? The IRS has created a website to help answer any additional questions you may have.
Visit – http://www.irs.gov/coronavirus.