$2000 Stimulus Check Calculator: How Much You Could Receive? - Forbes

You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
Updated: Jan 12, 2021, 5:25pm
Millions of Americans have received their $600 stimulus checks—but hopes remain high for a $2,000 stimulus check being sent out next.
With Democrats Jon Ossoff and the Rev. Raphael Warnock winning their respective Senate run-off races in Georgia, Democrats now have a slim majority in the Senate—and those $2,000 stimulus checks are firmly on the table. On Jan. 10, Biden tweeted that “We need $2,000 stimulus checks,” and they’re widely expected to be included in a massive third stimulus package that’s likely to be unveiled once Biden enters office on Jan. 20.
This calculator can be used to see how much you could qualify for if the CASH Act passes. Note that this latest round of proposed stimulus cash includes adult dependents, as well as children.
Subscribe to the Forbes Advisor weekly newsletter for the latest on the next stimulus package and tips on managing financially during this time. We’re here to help.
You may opt out at any time. Terms & Conditions & Privacy Policy
For single people, the payments are reduced for those with Adjusted Gross Incomes (AGI) above $75,000. For married couples filing jointly, the phase-out begins at an AGI of $150,000. If you file as head of household, the reductions begin at $112,500. (Note: If you are single, widowed or divorced and claim a child as a dependent, you probably have been filing as a head of household.)
The payments are reduced by $5 for every $100 in AGI over the above limits. As a result, a single tax filer would see no payment if they have an AGI of $115,000 or higher. For a married couple filing jointly with no children, their payment would phase out completely with an AGI of $230,000.
Yes. Unlike the Consolidated Appropriations Act, which left out dependents aged 17 and older, the CASH Act will send $2,000 checks to all qualifying dependents, regardless of age. The same household income restrictions as above will apply.
This remains unclear. Senate Minority Leader Chuck Schumer said that sending $2,000 checks will be top priority when Democrats take control of the Senate on Jan. 20. However, he declined to give details of what the payments would include, and whether the second stimulus checks would be taken into account.
Your 2019 tax return will be used to determine whether you’re eligible for a stimulus payment. If you receive Social Security (either retirement or disability) but didn’t file a return in 2019 (because you earn too little to be required to file), you’ll also receive a stimulus check, based on the information sent to the IRS on 2019 forms SSA-1099 and RRB-1099.
In some cases, yes. If, based on your 2020 tax returns, you would be entitled to a larger payment than calculated based on your 2019 or 2018 returns, you will be eligible to receive the difference as a tax credit. Of course, this additional payment won’t be available until 2020 returns are filed this spring.
 

source

Leave a Reply

Your email address will not be published.