How Much Stimulus Check Money Will You Get?
That's the question on everyone's mind. However, there's not an across-the-board answer. Here's why.
Once it became clear that Uncle Sam will be mailing out economic stimulus checks to pretty much every American adult, the same question popped into everyone's head: How much money will I get? Unfortunately, there's no one-size-fits-all answer. It all depends on your tax filing status, the number of children you have, and your income level. (Use our Stimulus Check Calculator to estimate your payment.)
First, there's the $1,200 amount for each adult that's been widely advertised. Married couples will get a total of $2,400—that's $1,200 for each of you. But that's the starting point.
In addition to the basic amount, parents get an additional $500 for each child who qualifies for the child tax credit (they must be 16 years old or younger for the credit to apply).
But stimulus payment amounts will also be reduced for people with higher incomes. Check will be phased-out if you're:
- Single, married filing a separate tax return, or a qualifying widow(er) with an adjusted gross income (AGI) above $75,000;
- Married and file a joint tax return with an AGI above $150,000; or
- A single parent claiming head-of-household filing status on your tax return with an AGI above $112,500.
The IRS will use your 2019 tax return to get your filing status, AGI, and information about your children. If you haven't yet filed your 2019 return (which isn't due this year until July 15), the IRS will use your 2018 return for Social Security benefits statement for the necessary information.
Kiplinger's easy-to-use Stimulus Check Calculator can estimate the amount of your check. You can also get much more information about the stimulus checks at Your 2020 Stimulus Check: How Much? When? And Other Questions Answered.