President-elect Joe Biden last week revealed a massive $1.9 trillion stimulus plan, called the American Rescue Plan. Among other things, the bill proposes to offer stimulus checks of $1,400. If you want to know how much your coronavirus stimulus check amount would be once this bill becomes law, there is a calculator to help you with that.
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Calculate your coronavirus stimulus check amount
Lately, there were talks of Congress approving coronavirus stimulus checks of $2,000. However, they eventually agreed to send $600 in stimulus checks, but talks of $2,000 still continued. So, many anticipated that they would get stimulus checks of $2,000 in the third round, but Biden’s plan instead proposed to top up the $600 with $1,400, to bring the total to $2,000.
This means if you are an eligible single taxpayer, who got the full $600 in the latest payment round, then you are likely to qualify for $1,400 under Biden’s proposal. In case you got less or more, and want to know how much you could get under Biden’s proposal, Forbes has come up with a calculator to help you.
According to Forbes, this stimulus check calculator is based on the information from the CASH Act and the announcement by Biden last week. To calculate your stimulus check amount, visit this link. To use the calculator, you need to enter your income, your filing status from your 2019 tax return and the number of dependents (if any).
Forbes’ calculator uses the following assumptions:
- The maximum eligible amount for adults and child dependents under 17 years would be $1,400.
- The adult dependents, who were left out in the earlier stimulus rounds, could get up to $2,000.
- Your stimulus check amount would be reduced by $5 for every $100 of income above the $75,000 AGI threshold.
Those who use this calculator should know that Biden’s plan isn’t law yet, so the final payment may change. Forbes, however, assured that it would update the calculator as and when new information becomes available.
When to expect the $1,400 payment?
Talking about when you could get the stimulus checks of $1,400, there is no clear information yet. Analysts, however, expect Congress to approve it sometime next month.
Moreover, the Biden administration would be one step closer in getting the plan approved after two new Democratic senators from Georgia take office this week. Once these senators take office, Democrats would have control of the presidency and Congress. This would increase the chances of lawmakers approving Biden’s $1.9 trillion plan.
Some analysts, however, believe the approval process could take more time than many Democratic leaders hope. This is because certain provisions in Biden’s plan could take time to get approval.
Thus, analysts expect Congress to work on two separate bills. The first bill would focus on stimulus checks, which might be passed quickly, and the other focusing on controversial provisions, such as the minimum wage.