How much will your stimulus test be? Use this calculator

The payments are included in a comprehensive $ 1.9 billion Covid relief package and are worth up to $ 1,400 per person, including dependents. So a couple with two children can receive up to $ 5,600. Unlike previous rounds, families will now receive the additional money for adult dependents older than 17 years.

About 90% of U.S. households are eligible, according to an estimate from the Penn Wharton budget model. Individuals earning at least $ 80,000 a year in adjusted gross income, heads of households earning at least $ 120,000 and married couples earning at least $ 160,000 will be completely cut off from the third round of incentive payments – no matter how many children they have.

Use our calculator below to see what you can expect.

In what year is the income limited?

The income thresholds will be based on the most recent return of the taxpayer. If they have already submitted a 2020 return by the time the payment is sent, the IRS will be eligible for their adjusted gross income for 2020. If not, it will be based on the 2019 return or the information submitted is through an online portal set up last year for people who do not normally file tax returns.

When can you expect the money?

People can see how the payments hit their bank accounts within days of President Joe Biden signing the bill.

For the previous bill on stimulating the pandemic, the IRS began sending out the second round of payments three days after then-President Donald Trump signed that legislation in late December. But it is possible that the tax application season, which is underway, could delay the process this time.

The payments do not all go out equally. Those whose banking information has been submitted to the IRS are likely to get the money first because it is deposited directly into their accounts. Others may receive paper checks or prepaid debit cards by mail.

You got the last stimulus test. Will you get this one?

Not necessarily. While the same people who received the full amounts in the previous two rounds of stimulus payments are likely to get the full amount this time around, the checks will now phase out faster and cut people at a lower income level.

The first round, which was worth up to $ 1,200, excluded individuals who earned at least $ 99,000, heads of household filers with one child who earned more than $ 136,500, and couples without children who earned more than $ 198,000 – but families who earning a little more were still eligible if they had children. About 160 million payments were made, while 94% of the families received the money.

The second round, which was worth up to $ 600, also phased out a bit faster because the full amount was smaller. It was completely phased out at $ 87,000 for single files without children and $ 174,000 for married people who filed jointly without children. Again, those who earned a little more were still eligible if they had children. About 158 million payments were made, with 92% of the families receiving them.

The payments are based on a taxpayer’s most recent tax return. Those who have submitted a new return since March may therefore be eligible if their income changes.

Who else is not eligible?

Undocumented immigrants who do not have the social security number will not be eligible for the payments. But their spouses and children are eligible, as long as they have social security numbers. They were excluded from the first round.

Would you owe the IRS some money if you earned more in 2020?

No. If your income for 2019 was less than your salary in 2020, you will not owe any money back.

But if your income fell in 2020, your tax return now – before the payments go out – could mean you’ll get a bigger check.

What if you never received the last payment but believe you are eligible?

Most people receive the payments automatically, but there are many who have missed them – for various reasons. An estimated 8 million people were eligible for the first round of payments delivered last year.

Many of these people have very low incomes and they usually do not have to file tax returns. Last year, the IRS set up an online portal where they could register for the money. It is not yet clear whether the agency will reopen the portal for the third round of payments.

People who have moved or changed bank accounts since the last time they filed tax returns have also missed them.

Those who paid money during the first two payment rounds and did not receive it can claim it as a tax credit, known as the Recovery Rebate Credit, on their tax returns for 2020.

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