The federal government will soon be issuing stimulus payments to most households as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This calculator will help you estimate the amount you and your family will receive
*Calculations are estimates based on the figures from the CARES Act as of March 27th, 2020. They are subject to change.$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.No. There are income limitations based on your filing status. For singles, the payments are reduced for those with Adjusted Gross Incomes above $75,000.
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.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.
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.For those who have received tax refunds via direct deposit since 2018, you could receive your payment in a few weeks. The plan is for the IRS to initiate direct deposits based on the banking information on file.
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