With coronavirus stimulus checks already going out to million Americans across the country, some are wondering just how much money they should expect to receive. The stimulus checks are part of the $2 trillion CARES Act President Donald Trump signed back on March 27, and while it is expected that most households will receive a payout, the exact total of that payout will vary from person to person, though there are a few ways to calculate the amount of your check.
According to CNET, the amount of your stimulus check will be based on your adjusted gross income (AGI) from your 2019 federal tax filing or your 2018 tax filings if you haven’t yet filed taxes for 2019. Your AGI can be found on line 8b of the 2019 1040 federal tax form or line 7 on the 2018 1040 tax form.
Both single U.S. residents with an AGI under $75,000 and those who file as head of a household whose AGI is $112,500 or less will receive the full $1,200 amount. That amount decreases $5 for every $100 in income past a certain point, however, and single U.S. residents with an AGI of $99,000 or more and those who file as head of a household whose AGI $146,500 will not be eligible for the stimulus money.
Meanwhile, married couples filing jointly without children who have an AGI below $150,000 will get a $2,400 payment, which works out to be the full $1,200 payment per person. That sum also begins to decrease at a certain income level, and married couples with an AGI of $198,000 above will not receive a stimulus payment.
Parents will also be eligible to receive stimulus money for their children, with some limitations. For each child aged 16 or younger in the family, parents will get a payment of $500. They will not, however, receive a payment for children born, adopted or placed into foster care in 2020 due to payments being based only on information from your 2019 or 2018 tax return. Older children and other dependents also may not be eligible for the stimulus payout.
If the waters still seem a little murky and you're unclear on just how much stimulus money you should be expecting, the Washington Post has created a stimulus check calculator that will determine approximately how much money you will receive. The calculator, which can be accessed by clicking here, requires you to input some tidbits of information, including whether or not you filed your 2019 taxes, your filing status, your AGI for 2019, and the number of children you claimed as dependents in 2019.