All the Americans were eyeing the newly-elected Biden Administration for an announcement regarding stimulus checks. On Monday, President Biden announced the second phase of distribution of the stimulus checks amounting to $2000.
In the past weeks, there was a lot of pressure on both the Democrats and the Republicans to disburse the stimulus check payments to those who are in dire need.
In Monday’s announcement, the Democrats also announced that they have not lowered the income caps for the people. However, the checks will phase out for an individual person who is earning $100,000, and for the couple who have joint earnings of $150000. Moreover, if there are adult dependents, they will only get $1400 in stimulus checks.
To check how much you will receive, just calculate it by following the steps mentioned below. This will help you to determine what amount would you receive, or whether you even qualify for it or not.
Without further ado, let’s check out how to calculate the amount you will get in stimulus checks.
Before we calculate the money, you will receive, know that this methodology is based on the Rescue Plan introduced by President Joe Biden and the House Committee on Ways and Means Recovery Rebate’s proposal.
Before moving on, know that these conclusions may change later and we will update you if any changes occur.
Let’s get onto the calculations:
The dependent children under 17 years of age and adults will receive the top-up amount of no more than $1400. Moreover, the adult dependents who were not included in the last phase will also receive a $1400 payment.
As far as the phase-out is concerned, it will only apply to the total household income. For instance, if you have a family of three individuals and one of you is a child, then you are entitled to receive $4200. However, if your annual amounts to $160,000, the amount of the stimulus checks will decrease to $3360. If your AGI increases, the amount will start to decrease to $200,000. If your AGI is $200,000 or above, then you will not receive any stimulus checks.
To sum it up, if your income is $100,000 and you are a single filer, or if you are married and file joint taxes with $200,000 AGI, or if you are ahead of household with $150,000 AGI, you are entitled to receive stimulus checks payments.
