Photo: Joyseulay (Shutterstock)
On Saturday morning, the US House of Representatives – more precisely the House Democrats –has exceeded $ 1.9 trillion American rescue plan. (Zero Republicans crossed party lines for the bill; Two Democrats voted against.) The plan, expected to be passed in the U.S. Senate this week, would include a wide range of provisions, including funding the production and distribution of COVID-19 vaccines, an expansion of federal unemployment benefits. .. and a third round of stimulus payments for some American households.
If the American rescue plan is passed and legally signed, it will set a maximum of $ 1,400 for individuals and $ 2,800 for couples – plus $ 1,400 for each dependent. Of course, it all depends on yours Adjusted Gross Income (AGI). To receive the full amount, an individual’s AGI cannot be more than $ 75,000 – or $ 150,000 for couples.
But even if they do, that doesn’t mean you’ll go away empty-handed: individuals with an AGI between $ 75,001 and $ 100,000 (and couples with an AGI between $ 150,001 and $ 200,000) will receive stimulus checks based on their income are.
So how do you know if one of these stimulus checks is coming your way – and how much it will be worth? Here are two calculators that you can use to find out.
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American rescue plan calculator
This online tool, created by Jasmine Mah, a web developer for Omni Calculator, allows users to enter some numbers and other details to get an estimate of the amount they can expect from their next stimulus check. (Next to the American rescue plan calculator, Mah made earlier similar calculators, Fast company reports.)
Another option is coming from Grow’s personal finance websiteand it takes into account your enrollment status, AGI, and the number of dependents you have. And if you need help figuring out your AGI, Here’s how to calculate it.
When filing your 2020 taxes, this is important
One thing to keep in mind: filing your 2020 taxes will allow you to determine how much you get on your third stimulus check – or if you get one at all – as Lifehacker’s Mike Winter pointed out recently. The bottom line is, you should file your taxes sooner, if your income fell below the $ 75,000 threshold in 2020, since your check is based on that lower amount – but Read the full article for more details.