Calculator for stimulus check 2020
The coronavirus irs stimulus check calculator is designed for a quick way to calculate the amount of your check .The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act is passed on Friday .
What is stimulus check amount?
The relief amount is fixed at $1,200 for persons with filing status of single. If you file a joint tax return, then both you and your spouse will get $1,200 (for a total of $2,400). The stimulus package also take into account if you have qualifying child (upto 16 years of age). If you have , then you get an additional $500 for each child. However , the computation of check amount is not simple because of the provision of phase out for people having adjusted gross income of $75,000 or more .
The following table gives you an idea of amounts based on your adjusted gross income and filing status:
|Filing status||AGI amount||Stimulus check amount|
|Single||$75,000 or less||$1,200|
|Married filing jointly||$150,000 or less||$2,400|
|Head of Household||$112,500 or less||$1,200|
|Dependents under 17*||N/A||+$500|
The IRS has not yet announced how much taxpayers filing married filing separately will receive.
Phaseout of stimulus check amount
Your coronavirus stimulus check amount will be gradually reduced to zero as your Modified Gross Income starts climbing up from $75,000 onwards for persons filing single or married filing a separate tax return, or a qualifying widow(er) . If you’re married and file a joint tax return, the phaseout begins at $150,000. If you claim the head-of-household filing status on your tax return, your payment will be reduced if your AGI tops $112,500.
IRS stimulus check calculator
File tax return for 2019 if not yet filed
Since coronavirus relief check is based on 2019 tax return filing status, AGI, and information about your children, it is important that you file . If you haven’t 2019 return for which the due date is not extended to July 15.
Stimulus check possible even if no return was filed
If you did not file 2018 or 2019 tax return for want of taxable income , IRS can pull information required for stimulus check from a 2019 Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement
When & how will the stimulus check arrive ?
The law requires IRS to send stimulus check “as rapidly as possible.”.Therefore, it is assumed that the moment law is enacted ,IRS will initiate payments electronically for anyone who authorised the direct deposit of a refund . For others , IRS may send the the payment as a paper check by post .