A third stimulus check calculator will help you find out how much money you qualify for in the current federal relief package.
The $1.9 billion American Rescue Plan Act includes a third stimulus check amount of $1,400 for millions of Americans, including their dependents.
There are certain requirements you must meet to receive the whole sum.
If you’re a single-filer who earns up to $75,000 per year — or a married couple filing jointly earning up to $150,000 — according to your most recent tax returns, then you should qualify for the entire $1,400 payment.
But if you earn somewhere between $75,001 and $80,000 ($150,001 and $160,000 for married couples, respectively), or have dependents, you may not know how much money you actually qualify for.
Even if you received the first $1,200 stimulus check and the second $600 stimulus check, the proposed eligibility requirements have changed a lot this time around.
Stimulus check 3 calculator
To find out how much you can expect, enter some basic information into the American Rescue Plan calculator.
You’ll need to confirm that you filed a 2019 or 2020 tax return and select your filing status (single, married or head of household). You’ll also enter the number of dependents you claimed as well as your adjusted gross income from your most recent return. The tool will automatically calculate your estimated payment.
The IRS is expected to use the most recent information on file, so if you’ve already submitted your 2020 tax return, that’s the income that will be used to calculate your stimulus check.
Americans whose current direct-deposit information is on file with the IRS should have already received their payments as direct transfers into their bank accounts. The IRS released the second and final “tranche” of direct-deposit payments into accounts on Wednesday, March 24.
Those who don’t have direct-deposit information on file with the IRS will have to wait a little longer for paper checks and prepaid debit cards. The first tranche of checks and debit cards were mailed out March 24; more batches will go out on subsequent Wednesdays.
Meanwhile, retirees, pensioners, disabled people and other non-tax-filers may see a delay. As of March 25, the IRS had not yet received the necessary information from the Social Security Administration to begin distributing payments to such individuals, even those with current direct-deposit information on file.
Expanded tax credits for children
If your qualifying dependents happen to be children under 18, you’ll see even more money eventually, though it won’t be on the stimulus checks.
For tax year 2021, tax credits for children aged 6 through 17 are being raised to $3,000 instead of $2,000, and for children through age 5 they’ll be raised to $3,600, an 80% jump.
Most parents will see this money as a reduction in taxes paid on 2021 income. They’ll get a bit more in their paychecks through the end of the year.
But parents and guardians whose income taxes would amount to less than the amounts of the maximum child tax credits — for example, a single parent of two children who earns $25,000 per year — will get monthly checks of up to $300 for each child beginning later this year.