A second round of stimulus checks is now all but guaranteed after Congress reached a deal on another stimulus relief bill. After months of negotiations and fading hope that another round of payments would come to fruition, the $900 billion bill expected to be approved Monday has many Americans wondering just how much money they should expect to receive once the Internal Revenue Service (IRS) begins distribution of the second stimulus checks, something that will likely start next week.
A tool created by the Omni Calculator Project allows Americans to see just how much they will potentially receive under this new bill. Accessed by clicking here, the calculator is easy to use. Users simply need to put in the requested information, which includes their filing status, how many dependents you have, and their adjusted gross income (AGI). The calculator will then give you an approximation of what you would receive in the scenario the bill passes.
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As the Omni Calculator Project points out, it is important to note that the total amount you will receive as estimated by the calculator may not be what you actually receive once the IRS distributes your payout. This is due to the fact that there are “exceptional situations” as well as the fact that the text of the bill has not yet been released. This means that the exact details regarding who does and does not qualify remain unclear.
CBS News reports that at this time, it is believed this second round of checks will be similar, if not identical, in wording to the provision approved under the March-approved CARES Act. This would mean that single tax filers with an adjusted gross income up to $75,000 will receive $600, with joint filers earning up to $150,000 receiving $1,200. It is believed the provision will include an income phaseout, just as the first stimulus checks did, though it is unclear at what income levels this would occur. Under the CARES Act, stimulus payments phased out entirely for single people earning over $99,000 and for couples earning over $198,000.
One notable difference in eligibility, and as evidenced in the Omni calculations, is the total amount dependents will receive. Under the CARES Act, dependents were eligible for a $500 payment, though they will now be eligible for the same $600 payment as adults. It is not yet known if there will be a limit on the number of dependents eligible for a stimulus check or the exact details of who does and does not qualify as a dependent. CBS News reports that a summary of the bill released by lawmakers says the $600 will be directed toward each “child dependent,” suggesting adults who are claimed as dependents, such as college students, may not qualify for the checks.
