One of the bright spots for many of us during the coronavirus pandemic is the stimulus checks that arrive on occasion. Now that a year has passed, a third stimulus check is in the works. On March 6, 2021, the Senate passed the American Rescue Plan, a $1.9 trillion package that is set to go to the White House for approval.
Similar to the way other stimulus packages worked, the amount of money that you receive in the third round will depend upon a number of factors. It’s a good idea to check on your eligibility for this check, even if you already received checks in 2020 or 2021. Some of the factors that can affect getting a check include when you filed your taxes, your adjusted gross income, and how many dependents you have.
According to Lifehacker, a stimulus check calculator from Jasmine Mah of Omni web gives you the information as to what you can expect from the package. Here are some of the basics you should know.
If you are an individual who has earned up to $75,000, you may be eligible for a $1400 stimulus check. Couples who earned up to $150,000 combined may receive up to $2800. You could also receive an additional $1400 for every dependent, in addition to $3000 per child of tax credit.
The amount of stimulus that you receive will begin to drop if you make over $75,000 as an individual or $150,000 as a couple. If you make over $100,000 per year as an individual or $200,000 per year as a couple, you will not receive a stimulus check.
The third stimulus check calculator from Omni requires that you fill out the form properly. This could include the number of dependents you have, your income, your filing status, and whether or not you filed your taxes. For those who lost income due to reasons associated with the pandemic, you are likely to receive your stimulus check first. If you’ve already filed your 2020 taxes, your AGI will likely reflect last year’s earnings. Otherwise, your eligibility will be associated with your 2019 earnings.
The Omni third stimulus check calculator is a great place to start but you can also check out the Get My Payment portal on the IRS website for updates on the package once it passes.