The second stimulus checks are on the way. Many eligible Americans have already received theirs, while others are still waiting for their turn. Before you get your coronavirus stimulus check, it is a good idea to calculate beforehand the amount that you would get. To help you calculate the coronavirus stimulus check amount, several reliable calculators are available online.
Why calculating beforehand is important
Congress and President Donald Trump approved a $900 billion stimulus package last month. The package includes $600 in stimulus checks, among other things. However, as with the CARES Act, not all will get the full amount as a stimulus check.
The amount people would get depends on their AGI (adjusted gross income), as well as eligible dependents, if any. This $900 billion package includes $600 per eligible dependent as well. Since the dependent payment is a flat $600 per dependent, its calculation is simple, but the calculation based on your AGI is tricky. Thus, it requires some mathematical skills.
To make things easier for you, many online calculators are available to help you find out your stimulus check amount. If you know your check amount beforehand, it will help you to plan your spending, as well as budget.
Another benefit of knowing the amount earlier is that it helps you to cross check with the check amount sent by the IRS. For instance, if the amount of check you get from the IRS is less than what you expected or calculated, you can raise a query with the IRS on the stimulus check amount.
Coronavirus stimulus check: How to use online calculators
To calculate your stimulus check amount using online calculators, you need to enter some details. The first thing you need is your adjusted gross income or AGI from your 2019 federal tax return. You can get your AGI on line 8b of 2019 1040 federal tax form.
After you enter your AGI, the next thing you need to put in are the details of all child dependents age 16 and younger. Once you enter this information, the online calculator would give you the amount of your stimulus check.
Talking about which calculator to use, there are many available online. A simple Google search will get you the list, but one reliable one is from CNET.
This calculator follows the same formula to calculate your stimulus check as the IRS. A point worth remembering is that the resultant number from this calculator must be seen as an estimate. Also, this calculator doesn’t store or share users’ personal or confidential information.
Along with those who file returns, there are people who aren’t normally required to file a tax return. These include Social Security, SSDI and SSI recipients, certain veterans, railroad retirees and older adults.
Many falling into such a group were eligible for the checks last time (and will be eligible this time as well), and are normally referred to as nonfilers. If you fall into this group, to calculate your check amount enter your best guess of the adjusted gross income.
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