With the Senate expected to vote this week on the latest stimulus package for coronavirus relief, a new round of stimulus checks could be authorized very soon. The $1.9 trillion package, dubbed the American Rescue plan, contains a huge wish list of much-needed aid, including additional unemployment, child tax credits, housing assistance, small business grants, and more.
But we’re here to talk about those checks: This time around, they will max out at $1,400 for individuals and $2,800 for couples, plus an additional $1,400 for each dependent. Payments will be smaller for people who earn higher incomes, and they’ll phase out completely for individuals making $100,000 and couples making $200,000.
How much will you get? Jasmine Mah, a web developer for Omni Calculator, has done the math. After scouring the details of the current stimulus bill, she created the aptly named American Rescue Plan Calculator, an online tool that lets you plug in a few details and figure out how much you can expect from the IRS.
It’s an easy way to get a little piece of mind today as you wait for Capitol Hill lawmakers to do their jobs. Using the calculator takes only a few seconds—hell, if Congress worked this fast, you’d have your money by now.
Mah has been producing these calculators for a while now, and will often tweak the details as needed if the stimulus proposals change. Fingers crossed that Congress can push this latest proposal through sooner rather than later.
Check out the tool here.
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