The plan includes a one-time direct payment to Americans, which Treasury Secretary Steven Mnuchin said should arrive within three weeks. Individuals will receive up to $1,200, married couples will get up to $2,400 and $500 will be added for every child.
There are income restrictions: If you earn more than $75,000 as an individual or $150,000 as a couple, the total amount you’re eligible to receive starts to decrease. If you earn $99,000 or more as an individual or $198,000 as a couple, you aren’t eligible to receive a stimulus check.
To help you figure out how much money you’ll likely receive, Grow, a personal finance website published by CNBC and Acorns, created a calculator that factors in your filing status, annual income and the number of kids you have.
Your payment will be based on your most recent tax return. If you’ve filed a 2019 tax return, use that info; if not, use what you filed for 2018. You can find your adjusted gross income on line 8b of the 1040 federal tax form.
You will likely not receive a stimulus payment.
The more you earn, the less money you’ll get. If you earn $75,000 or less as an individual, you’ll get the full $1,200. If you earn more than that, $5 will be subtracted for every additional $100 of income.
To calculate the amount they’ll get, the calculator divides the excess by $100 and multiples that amount by $5. Here’s the formula:
Here’s what the formula would look like for the family of four:
($10,000 / $100) * $5 = $500
That means the family is eligible for $1,900 ($2,400 - $500). Plus, they’ll get another $1,000 — $500 per kid — for a total of $2,900.
When it comes to getting your money, you don’t need to apply for the checks. The money will automatically be transferred directly to the bank account you included in your most recent tax return. If the IRS doesn’t have your direct deposit information, you’ll get a check in the mail.
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