Forbes has released an incredible tool to calculate how much you can get off the third stimulus check if you are eligible for it.
The third stimulus check of $1,400 payment is underway, and others might have already received it. However, there is a specific amount assigned to these eligible households. Compute if you received the right amount with this calculator.
Authorized by the law of the American Rescue Plan Act of 2021, the first batch of $1,400 stimulus payments have arrived via direct deposit on March 17. The Internal Revenue Service (IRS) announces that the second batch will arrive on March 24 and should appear in local banks.
For this third round of stimulus checks, income limits and phaseouts have been changed. Deductions will continue to be taken from the $1,400 stimulus checks based on your adjusted gross income (AGI), marital status, and the number of dependents. This information is taken from your 2020 tax return. If you had not filed and processed your 2020 tax return by the time IRS issued your third stimulus check, then they will use your 2019 tax return to calculate your deductions.
Stimulus Check Calculator
ForbesAdvisor released a handy new calculator to compute the estimated amount you and your family should receive. Using the calculator is easy, simply indicate if you have filed your 2020 tax return, input your filing status, provide the total income you earned and note how many dependents you have. Click "Calculate." It will automatically compute how much stimulus payment you are expected to receive.
The calculator computes based on the assumption and policies of the American Rescue Plan Act of 2021. This means that:
The maximum allocation for adult and children dependents under the age of 17 is $1,400.
Phaseout applies to the full check total for a household
You are not eligible even if you have dependents as a single filer earning $80,000.
You are not eligible even if you have dependents when married-filing jointly earns $160,000.
You are not eligible even if you have dependents as the head of a household earning $120,000.
How Much Will Each Person Receive
If you are eligible and you do not belong in the conditions stated above, then you are entitled to receive $1,400 as an individual. For qualifying couples, they are entitled to $2,800 total. Each child dependent under the age of 17 is qualified to receive $1,400 individually. Each qualifying adult dependent, including college students and disabled adults, can receive $1,400 individually. However, keep in mind that the amount for dependents might be reduced based on the AGI of the person claiming on their behalf.
Payments are now being distributed to personal banks and home addresses. The first batch of direct deposits entered the banks on March 17, and the first round of mailed checks was delivered on March 19. If you are eligible, your third round of $1,400 stimulus check should arrive for you sometime this month.