The second round of stimulus payments started going out in December – how much will you get and when will you get it?

The question on just about every American’s mind now that the $900 billion coronavirus stimulus package has been passed, is how much can I expect to get?

Now that all of us know most of the details of the stimulus package, it’s finally possible to get an answer to that all-important question.

To help you learn exactly how much you can expect to receive, Money Under 30 has prepared this Stimulus Check Calculator for you. All you need to do is plug in a few numbers!

Calculate how much you are eligible to get on your stimulus check

Using the stimulus check calculator

To use the Stimulus Check Calculator, you’ll need to complete just three input screens.

The first will be to select your tax filing status – single, married, or head of household. 

Next, you’ll enter your adjusted gross income (AGI). That will be the AGI that appeared on your 2019 federal income tax return.

Finally, you can use the slide bar to enter the number of qualifying children under 17.

Once you’ve entered all three pieces of information, simply the “Calculate” button, and you’ll see the stimulus payment you are likely to receive. 

The stimulus check provision of the package

Under the basic provisions of the stimulus bill, each individual American adult can expect to receive $600, and many Americans received their payments via direct deposit in the days immediately after the bill passed. There’s also a provision for each eligible child in a household to receive an additional $600.

In theory, a household consisting of a family with two adults and two eligible children (generally under 17), can expect to receive $2,400. That’s broken down as $600 for each adult, and $600 for each child.

But the bill does impose an income limit on how much you can receive – or whether you’ll get a check at all.

Single taxpayers

If you are a single taxpayer, you’ll receive the full $600 if you have an income of up to $75,000. Since the bill reduces the amount of the payment by 2.5% on any excess income earned, the benefit will completely disappear if your income is $99,000 or above.

If you earn more than $75,000 but less than $99,000, you’ll be entitled to a reduced benefit. For example, if you earn $85,000, the payment will be reduced to $350. That’s because your income will exceed $75,000 by $10,000, which will reduce the payment by $250 ($10,000 X 2.5%).

Married taxpayers filing jointly

Each spouse will receive $600, plus an additional $600 for each eligible child. You’ll receive the full amount on a joint income of $150,000 or less. The benefit will be reduced by 2.5% of the amount your income exceeds $150,000. It will completely disappear once your income reaches $198,000.

And just as is the case with single taxpayers, you’ll receive a partial benefit if your income falls somewhere between $150,000 and $198,000. At $198,000 or higher, you will not receive a stimulus check. 

Head of household filers

You’ll receive the full payment of $600 on an income of up to $112,500 per year. But the payment will gradually phase out – and then completely disappear – if your income is $136,500 or more.

Let’s say you earn $122,500, the payment will be reduced by $250. That’s because $122,500 exceeds $112,500 by $10,000. At 2.5%, this will result in a $250 reduction in your payment, with the final check falling to $350.

And as a head of household filer, you will also receive up to $600 for each eligible child.

Summary

MU30’s Stimulus Check Calculator can help show you what you’ll get when the Stimulus check arrives in the mail (if you qualify).

Most Americans will qualify for the full $600 – but not all. So make sure to run the numbers!

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About the author

Total Articles: 144
Since 2009, Kevin Mercadante has been sharing his journey from a washed-up mortgage loan officer emerging from the Financial Meltdown as a contract/self-employed “slash worker” – accountant/blogger/freelance web content writer – on Out of Your Rut.com. He offers career strategies, from dealing with under-employment to transitioning into self-employment, and provides “Alt-retirement strategies” for the vast majority who won’t retire to the beach as millionaires. He also frequently discusses the big-picture trends that are putting the squeeze on the bottom 90%, offering work-arounds and expense cutting tips to help readers carve out more money to save in their budgets – a.k.a., breaking the “savings barrier” and transitioning from debtor to saver. He’s a regular contributor/staff writer for as many as a dozen financial blogs and websites, including Money Under 30, Investor Junkie and The Dough Roller.