As reported by cnet,

Our calculator tool helps you estimate how much money you could get in your second stimulus check.

Sarah Tew/CNET

Tens of millions of people have received their second stimulus check and more are still awaiting their payments of up to $600 per person by direct depositpaper check or EIP card. In addition, Americans who are eligible for the second stimulus check will see their checks trickling in through tax season. If you’re still waiting to get your stimulus money — or if it’s already arrived but you want to make sure the amount is correct — you can use our calculator below to estimate how much your household should expect with the second stimulus check. (You can also track the status of your payment with the IRS and track your paper check directly to your mailbox.) 

Calculating the size of your stimulus check can get complicated, especially since some of the rules have changed around who can get a payment with this second round. For example, there’s a lower income limit this time (you’ll need your AGI to figure that out), and new rules affecting people with “nonresident alien” status, which could prevent you from getting a check even if you got one the first check. Dependents age 17 to 24, along with most adult dependents, were once again left out completely. 

If the amount in your new, “$600” stimulus check isn’t correct — is money for your child dependents missing? — you may need to try to claim a make-up check on your taxes using the IRS’ Recovery Rebate Credit. This story updates often.

Estimate the size of your new stimulus payment

To calculate how much you should get in your second stimulus payment, you’ll need to enter:

CNET’s stimulus calculator follows the same formula the IRS uses to tabulate your household’s stimulus payment. The result should be considered an estimate, not a guarantee of the IRS’ final check to you. This calculator tool will not store or share your personal information. 

Calculate your second stimulus payment

Use details from your 2019 tax return.

1. Choose your filing status below.

If you don’t file taxes, here’s how calculate your stimulus money

As was the case with the first checks, the IRS will automatically send stimulus checks to many who normally aren’t required to file a tax return — including older adults, Social Security and SSDI and SSI recipients, certain veterans and railroad retirees. The IRS refers loosely to this group as nonfilers.

If you fall in one of these categories, enter your best guess in the calculator where it asks for your adjusted gross income.

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Qualifications for the second stimulus check

We’ve broken down who is generally qualified to get money with the second stimulus payment. Payments top out at $600 apiece in the second check, and as you reach the upper AGI limit, the amount you’re owed will decrease. 

$600 second stimulus check income limits

AGI to receive full amount (Both stimulus checks) Second stimulus check upper income limit (AGI) First stimulus check upper income limit (AGI)
Single tax filer Under $75,000 $87,000 $99,000
Head of household Under $112,500 $124,500 $146,000
Married, filing jointly Under $150,00 $174,000 $198,000

Remember, any dependent child under age 17 will count for an additional $600. Also, if you don’t qualify for a second stimulus check based on 2019 data but you would qualify based on your 2020 financial situation, you will not receive a second check this year. However, you can get that amount as a credit against your 2020 taxes.

If you qualify based on 2019 tax information but will be over the limit in 2020, you will receive a second check and do not need to repay it.

Who might not get a second stimulus check?

Some people may not qualify for a second stimulus check, even if they received a payment in the first round. If you are over the income limit, a nonresident alien or a dependent 17 years of age or older, you won’t qualify for a check. The People’s Policy Project think tank estimates 13.5 million adult dependents will be excluded under the requirements, including 7.3 million students.

For everything to know about the second payment, see what else is in the new stimulus legislation, when the IRS could start sending checks and what we know about renewed federal unemployment benefits under the new law.

Source link: cnet


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