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IRS 1040 Form
The House passed the American Rescue plan and the Senate is expected to take up the bill this week, which means if it is signed into law, additional unemployment benefits and another round of stimulus checks will be sent to some American households. The American Rescue Plan will provide a maximum of $1,400 for individuals, $2,800 for couples and an additional $1,400 for each dependent. Of course, this all depends on your adjusted gross income (AGI). In order to get the full amount, an individual's AGI can't be more than $75,000-or $150,000 for couples. But even for individuals with an adjusted income up to $100,000 and couples up to $200,000 will get something. How much? Here are two calculators that should give you a good estimate. One was created by Jasmine Mah, a web developer for Omni Calculator [CLICK HERE]. Another option comes from the personal finance website Grow, and it factors in your filing status, AGI, and the number of dependents you have [CLICK HERE]. Keep in mind this round of stimulus checks, as with all stimulus checks, will be based on your most recent tax filings. So if you or your spouse made more money in 2020 than in 2019, your stimulus amount may be lower this time than last.
SOURCE: Two Cents