Here’s how to calculate your stimulus check payment
The eagerly-awaited stimulus checks have to be approved by the House before they can get signed into law, but it turns out things will be a bit more complicated than a flat $1,400 payment you might have been expecting.
Prepare to do some number-crunching — last-minute changes to the COVID relief bill by the Senate have changed some of the qualifications and calculations for your stimulus check.
According to CNET, not everyone in your household will get $1,400 in the mail.
Assuming the House doesn’t further amend the bill this week, the consumer review website put together a $1,400 stimulus calculator, which factors in your filing status, adjusted gross income and qualified dependents.
Here’s an example — let’s say you are married, make Spokane’s median annual income of $47,822, and have two kids. Most notably, unlike the first two stimulus payments, qualified dependents do not have to be 16 or younger; so whether you have a daughter in college or a son in grade school, they still count as dependents.
In this example, your estimated stimulus payment will be $5,600.
There are new limits on these payments, however — if you individually make $80,000 or more per year, there will be no stimulus check for you! Additionally, any head of the household who makes more than $120,000 per year or married couple filing jointly who make more than $160,000 won’t be getting a check, either.
If you want to calculate what your stimulus check might look like, visit the CNET website.
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