Stimulus checks intended to ease the economic impact of the coronavirus pandemic will soon be on their way. Under the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, most Americans will get one-time direct cash payments of up to $1,200 and couples will get up to $2,400. Families will get an additional $500 per child.
These amounts are subject to “phase-outs” based on income levels, which means high-income earners will get less, and the highest earners will get nothing at all. But the Tax Policy Center estimates about 90% of Americans will get stimulus checks.
The stimulus check amounts will vary based on your adjusted gross income (AGI) and tax filing status. Use the calculator or tables below to see how much you’re in line to receive.
AGI: $75,000 | Payment: $1,200
AGI: $80,000 | Payment: $950
AGI: $85,000 | Payment: $700
AGI: $90,000 | Payment: $450
AGI: $95,000 | Payment: $200
AGI: $99,000+ | Payment: $0
AGI: $150,000 | Payment: $2,400
AGI: $160,000 | Payment: $1,900
AGI: $170,000 | Payment: $1,400
AGI: $180,000 | Payment: $900
AGI: $190,000 | Payment: $400
AGI: $198,000+ | Payment: $0
The bill provides another $500 per child under the age of 17. So that translates to up to $3,400 for a qualifying family of four. Still, there may be a limit on the amount of children that can qualify toward ranking up the additional $500 increments.
Below, we provide information on what stimulus checks would look like for a head of household with one child (The additional $500 has been added to the check this person would get).
AGI: $112,500 | Payment: $1,700
AGI: $117,500 | Payment: $1,450
AGI: $122,500 | Payment: $1,200
AGI: $127,500 | Payment: $950
AGI: $132,500 | Payment: $700
AGI: $142,500 | Payment: $200
AGI: $146,500+ | Payment: $0
Because of “phase-out” rules, wealthier earners would get smaller stimulus checks and the wealthiest won’t get anything. To calculate these stimulus checks, the government plans to use your AGI based on your 2019 tax returns if filed, or 2018 tax returns if not. You have a an extended tax deadline and now have until July 15, 2020 to file your federal 2019 taxes.
Use information from your 2019 tax return if you have already filed it. If you have not yet filed your 2019 return, use information from your 2018 return.
Get in touch today and find out how we can help you meet your objectives.