How much new stimulus money will you get? Use this easy calculator - mlive.com

Those in Washington D.C. are hoping to get a third COVID-19 relief bill signed by March 14. (AP Photo/Eric Gay)AP
The U.S. House of Representatives is expected to pass the latest COVID-19 relief bill Wednesday which includes stimulus checks worth up to $1,400 per person that will be sent to millions of Americans. While similar to the previous two checks sent out during the pandemic, this third round would change who is eligible based on different income thresholds and who is able to be considered a dependent of a taxpayer, which would lead to larger checks for many.
“It’s a remarkable, historic, transformative piece of legislation which goes a very long way to crushing the virus and solving our economic crisis,” House Speaker Nancy Pelosi, D-Calif., said Tuesday.
The biggest changes to the qualifications involve income limits of $75,000 for singles and $150,000 for couples in order to receive the full $1,400 per person. If a single filer earned between $75,001 and $80,000, their check will be reduced depending on their final income. For couples, the checks reduce if combined income is between $150,001 and $160,000.
Singles who earn more than $80,000 and couples who combined to earn more than $160,000 will not receive a check.
Another change is in who is considered a dependent as qualified taxpayers will also receive $1,400 per dependent in their home. Dependents over the age of 16 are now eligible for a check to be sent to their parents or their caretaker.
Although it won’t be precisely clear how much money each qualified recipient will receive, money management website Grow has launched a calculator that can estimate your check amount based on your 2019 taxes or your 2020 taxes, if you’ve already filed. All you need is your final adjusted gross income amount and your number of dependents to receive an estimate.
Using the calculator, a family of five with two parents and three children with a combined income of less than $150,000 is expected to receive $7,000. Grow warns users the calculator is only an estimate and could change if the bill does not pass.
However, Democratic House leaders have publicly expressed confidence the bill will pass and President Joe Biden has already said once passed, he will sign the bill as soon as he can.
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