Federal COVID-19 stimulus checks are starting to roll into people’s checking accounts. A lot of people are trying to figure out how much money they will get. Luckily, there are websites that offer stimulus check calculators to make the math easy.
Here is one stimulus check calculator. To make it work, you’re going to need to know such things as your adjusted gross income from your 2019 tax return.
H&R Block has also published a handy coronavirus stimulus calculator. You can find it here. The company advises, “The starting amount is $1,200 per person but will go up or down based on your situation. Use our stimulus check estimator to find your amount.”
Here’s what you need to know:
What Does the IRS Say?
On April 11, 2020, the IRS announced that it had sent out the first batch of COVID-19 stimulus checks.
The IRS has provided a detailed breakdown on its website to help you figure out how much money you stand to get (if any). Some people won’t get economic stimulus checks. Those people are those who make too much money or who are counted as dependents on other people’s tax returns (such as college students whose parents declare them as dependents).
“The IRS is committed to helping you get your Economic Impact Payment as soon as possible,” the IRS explains. “The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.”
Who is eligible? This is what the IRS says about that:
U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:
$75,000 for individuals
$112,500 for head of household filers and
$150,000 for married couples filing joint returns
Taxpayers will receive a reduced payment if their AGI is between:
$75,000 and $99,000 if their filing status was single or married filing separately
112,500 and $136,500 for head of household
$150,000 and $198,000 if their filing status was married filing jointly
The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
Who likely won’t get a check? People whose adjusted gross income is greater than:
$99,000 if your filing status was single or married filing separately
$136,500 for head of household
$198,000 if your filing status was married filing jointly
Dependents, people without valid social security numbers, and “nonresident aliens” don’t qualify, the IRS says.
Find the IRS page on stimulus check eligibility here.
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