Calculating Your Stimulus Check: How Much (if Any) Will You Get?

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The proposed stimulus may call for $1,400 checks, but the amount your family will receive may be very different. The House Ways and Means Committee developed a different formula for the third round of checks than the previous two.

See: Are You Eligible for a Third Stimulus Check – and If So, When Will You Get Yours?
Find: Stimulus Checks to Have $200,000 Income Cut Off

As of late February, the formula calls for:

Make Your Money Work for You

See: $1,400 Stimulus Checks Are Still Coming – But Who’s Eligible to Get One?
Find: Never Got Your Stimulus Check? Claim It on Your Taxes

The payments are based on information in 2019 or 2020 tax returns, whichever is available to the Treasury Department. Those who have not filed income tax returns, such as retirees, will receive payments if the Treasury Department has their information.

As with the other payments, those who receive more than they are technically eligible to receive will not have to repay the excess. Those who do not receive payments will be able to claim the amount when they file their 2021 tax return. They will have to wait for their money. Will the economy still need stimulus next year? Let’s hope not.

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