Coronavirus Stimulus Check Calculator: How Much Will I Get?

By Javier Simon, CEPF®

Amid economic distress fueled by the coronavirus crisis, President Trump signed a coronvirus stimulus package providing direct cash payments to Americans.

Want to know how much you can expect to get? Use our calculator below.

Under the stimulus package, the size of your direct cash payment will largely depend on your adjusted gross income (AGI) and filing status. These are the maximum amounts:

• Singles would get up to $1,200.
• Married couples will get up to $2,400.
• Families will get an additional $500 per child under the age of 17. That means a qualifying family of four will get up to $3,400.

However, these maximums only apply if you earn below a certain threshold. The tables below break down the payments by adjusted gross income (AGI) and tax filing status.

The bill provides another $500 per child under the age of 17. So that translates to up to $3,400 for a qualifying family of four.

Below, we provide information on what stimulus checks would look like for a head of household with one child (The additional $500 has been added to the check this person would get).

Because of “phase-out” rules, wealthier earners would get smaller stimulus checks and the wealthiest won’t get anything. To calculate these stimulus checks, the government plans to use your AGI based on your 2019 tax returns if filed, or 2018 tax returns if not. The tax deadline has been extended, and you now have until July 15, 2020 to file your federal 2019 taxes.

The law orders the Treasury Secretary to disburse payments “as rapidly as possible.” If you authorized the IRS to send you a tax refund electronically in 2018 or later, the government will use that bank account to send your stimulus check. Within 15 days of disbursement, taxpayers will receive notification in the mail that provides the method of payment, the amount and a phone number to call if you didn’t receive payment.

• As long as you’re receiving a paycheck, continue contributing to your retirement account. It may be tempting to stop, but investing when the market is low will help balance out the past years of investing when the market was high.
• Don’t go it alone. If you’re especially worried about your portfolio, putting its management into a professional’s hands can be a huge relief. To find a fiduciary financial advisor who’s a good fit for your needs and concerns, use SmartAsset’s pro matching tool. It is free, takes five minutes and will recommend up to three advisors vetted by us.
• Know your rights. Americans have access to Unemployment Compensation (UC), the Extended Benefit (EB) program, the Families First Act and various other unemployment insurance (UI) provisions. As part of the coronavirus stimulus package for unemployed Americans, workers who lose their jobs because of coronavirus can receive unemployment for four months – that’s 13 weeks more than usual. Also, the government has expanded the types of workers who are eligible to include independent contractors, gig workers, freelancers and people who have been furloughed.

Photo credit: ©iStock.com/Diy13

The post Coronavirus Stimulus Check Calculator: How Much Will I Get? appeared first on SmartAsset Blog.

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