The second round of stimulus checks is likely coming, and the checks are expected to be $1,200. The only thing not clear as of now is exactly when the checks will be sent. The GOP introduced the HEALS Act on Monday. Now there is a calculator that will tell you how much you will get in your coronavirus stimulus check if the HEALS Act is approved as it is.
Stimulus check: how much will you get?
Now that the Senate has introduced the HEALS Act, Democrats and Republicans will negotiate the final relief package. Negotiations will mostly focus on other provisions rather than stimulus checks.
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Democrats and Republicans have proposed similar provisions for stimulus checks with a few deviations. The HEALS Act and the Democrat-backed HEROES Act propose $1,200 stimulus checks. The income cap proposed by both is also the same.
Individuals earning less than $75,000 and couples earning up to $150,000 would be eligible to get the full check of $1,200 or $2,400 for couples. The check amount will start to phase out for individuals earning more than $75,000 up to $99,000. Those with gross adjusted income of over $99,000 or $198,000 as a couple won’t be eligible for stimulus checks.
The only real difference between the stimulus check provisions from Democrats and Republicans is the payment for dependents. Under the HEALS Act, dependents are eligible for a payment of $500 each, similar to the CARES Act, while the HEROES Act proposes a payment of $1,200 for dependents.
Other than the amount paid for dependents, there is no major difference. Neither bill has an age cap for dependents, unlike the CARES Act, which capped the dependent age at 17 to receive payments for them. The CARES Act excluded many college students and other adult dependents from getting a stimulus check.
Coronavirus stimulus check calculator
Since there is a consensus on the amount and income cap, it is almost confirmed that you will get a stimulus check of $1,200. Moreover, considering that Republicans are targeting a smaller stimulus package, it is likely that the final bill will include $500 payments for dependents instead of $1,200.
So with the coronavirus stimulus check provisions almost confirmed now, it makes sense to use a calculator to find out how much you will get. Several calculators are available online to help you calculate your coronavirus stimulus check amount. One such calculator has been made available by the personal finance website Grow.
To find out your check amount, you will have to enter a few details, such as your filing status (married or single), your gross adjusted income, number of dependents and more. Your adjusted gross income is the amount you make in a year, less allowable deductions.
Based on the information you enter, the calculator will reveal your coronavirus stimulus check amount. Your payment will largely depend on your most recent federal income tax filing. If you haven’t yet filed your taxes for 2019, the IRS will use your 2018 return.