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The federal government has started issuing stimulus payments to many households as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). We’ve created this calculator to help you estimate the amount you and your family will receive.
Calculate Your Stimulus Payment
Have you filed your 2019 tax return?
What was your filing status in your 2019 tax return?
What was your income in 2019?
How many children did you claim as dependents in 2019?
* Calculations are estimates based on the figures from the CARES Act as of March 27th, 2020. They are subject to change.
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Stimulus Check FAQs
How much will each person receive?
$1,200 for individuals, $2,400 for married couples who file a joint tax return. The payments will also include $500 for each dependent child under the age of 17.
Will everybody receive these payments?
No. There are income limitations based on your filing status. For singles, the payments are reduced for those with Adjusted Gross Incomes (AGI) above $75,000. For married couples filing jointly, the phase-out begins at an AGI of $150,000. For those filing as head of household, the reductions begin at $112,500. (Note: if you are single, widowed or divorced and claim a child as a dependent, you probably have been filing as a head of household.)
The payments are reduced by $5 for every $100 in AGI over the above limits. As a result, a single tax filer would see no payments for an AGI of $99,000 or higher. For a married couple filing jointly with no children, their payment would phase-out completely with an AGI of $198,000.
Which tax year is used to determine eligibility?
For those who have filed their 2019 taxes, they will be used to determine eligibility. For those who have not filed 2019 returns, their 2018 tax returns will be used. Those who receive Social Security (either retirement or disability) but didn’t file a return in 2018 or 2019 (because they earn too little to be required to file), will also receive stimulus checks, based on the information sent to the IRS on 2019 forms SSA-1099 and RRB-1099.
Will 2020 tax returns affect the payments?
In some cases, yes. If based on your 2020 tax returns you would be entitled to a larger payment than calculated based on your 2019 or 2018 returns, you will be eligible to receive the difference as a tax credit. Of course, this additional payment won’t be available until 2020 returns are filed next year.
In addition, it does not appear that what is on your 2020 tax returns will reduce the amount of stimulus payments issued now based on either 2019 or 2018 tax returns.
When will the payments be distributed?
The IRS has released a tool that you can use to check the status of your stimulus check. The plan is for the IRS to initiate direct deposits based on the banking information on file. For those who don’t have bank account information on file with the IRS, it will take longer to receive physical checks, possibly up to two months.
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First Published: Mar 27, 2020, 4:24pm