How much (if any) will you get?
The proposed stimulus may require checks for $ 1,400, but the amount your family will receive may be very different. The House Ways and Means Committee devised a different formula for the third round of verifications than the previous two.
The formula asks:
$ 1,400 for a single taxpayer and $ 2,800 for joint filers
An additional $ 1,400 per dependent, regardless of the dependent’s age, as long as the person’s social security number is on the filer’s return
A phase-out for people whose adjusted gross income is greater than $ 75,000 ($ 112,500 for the head of household filers and $ 150,000 for the joint filers). Phase-out reduces the credit proportionately until it reaches a value of zero at $ 100,000 of adjusted gross income ($ 150,000 for heads of household and $ 200,000 for joint filers).
Payments are based on information contained in the 2019 or 2020 tax returns, whichever is available to the Treasury Department. Those who have not filed income tax returns, such as retirees, will receive payments if the Treasury Department has their information.
As with other payments, those who receive more than they are technically eligible will not have to repay the excess. Those who do not receive payments will be able to claim the amount when they file their 2021 tax return. They will have to wait for their money. Will the economy still need a boost next year? Hopefully not.
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This article originally appeared on GOBankingRates.com: Calculating your stimulation control: how much (if any) will you get?