IRS

Stimulus Check Calculator

The stimulus checks, also known as the Economic Impact Payments are sent to eligible taxpayers for the second time. The payments received are actually an advanced payment of the recovery rebate credit.

This credit is a one-time tax credit that was introduced with the CARES Act. The Economic Impact Payments received earlier in the year were also an advanced payment of the credit. So when you file your federal income tax return, you won’t claim any of this credit on your upcoming tax return.

So how does one calculate their stimulus payment amount? It’s very simple and we must go If you’re making less than $75,000 as a single filer or $150,000 as a joint filer, you get the full stimulus check. As the adjusted gross income increases, the amount you’re going to get with your economic impact payment will get smaller.

Since this means taxpayers with adjusted gross income between $75,000 and $99,000 will get a reduced stimulus check, the amount of it won’t be the full $600 for the second stimulus checks.

The table below shows an example of the stimulus check amounts. You can calculate how much you’re eligible to get with the second economic impact payment. With the combined amounts of the both first and the second stimulus checks, you will know the recovery rebate credit you’re eligible to take.

Single and Head of Household

Adjusted Gross IncomeFirst Stimulus CheckSecond Stimulus Check
$75,000$1,200$600
$80,000$950$475
$85,000$700$350
$90,000$450$225
$95,000$200$100
$99,000 and more$00

Married Filing Jointly

Adjusted Gross IncomeFirst Stimulus CheckSecond Stimulus Check
$150,000$2,400$1,200
$160,000$1,900$950
$170,000$1,400$700
$180,000$900$450
$190,000$400$200
$198,000 and more$0$0

Extra Stimulus for Dependents

If you have a qualifying child for tax purposes, you will get an extra $500. Taxpayers with children that qualify for the child tax credit are eligible for the extra stimulus. This is the easiest way to determine whether or not your child is eligible for the extra stimulus.

For dependents over the age of 18. for example, college students, the extra stimulus doesn’t count. However, as non-filers, they can file a federal income tax return and claim the recovery rebate credit on their tax returns. Even if there isn’t any other tax credit to be claimed, the amount of the recovery rebate credit will reflect in their tax refunds.

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