The second stimulus check is on the horizon, and many Americans are wondering how much money they will receive. The amount of money you will get depends on your income, filing status, and the number of dependents you have. Here, we will discuss potential calculations for the second stimulus check and how you can estimate the amount you may receive.
If you are an individual taxpayer with an adjusted gross income (AGI) of $75,000 or less, you will receive the full amount of the second stimulus check, which is $600. If your AGI is between $75,000 and $87,000, you will receive a reduced amount. For each $100 of income above $75,000, your payment will be reduced by $5.
For married couples filing jointly, the full amount of the second stimulus check is $1,200 if their AGI is $150,000 or less. If their AGI is between $150,000 and $174,000, their payment will be reduced by $5 for each $100 of income above $150,000.
If you have dependents, you may be eligible for an additional $600 per dependent. This includes children under the age of 17 and adult dependents.
To estimate the amount of your second stimulus check, you can use the following formula:
Full Payment Amount – (AGI – $75,000 or $150,000) x $5 = Estimated Payment Amount
For example, if you are an individual taxpayer with an AGI of $80,000, your estimated payment amount would be $500 ($600 – ($80,000 – $75,000) x $5).
If you are a married couple filing jointly with an AGI of $160,000 and two dependents, your estimated payment amount would be $2,000 ($1,200 – ($160,000 – $150,000) x $5 + $1,200).
It is important to note that the amount of your second stimulus check may be different than the amount estimated using this formula. The IRS will use your most recent tax return to determine the amount of your payment.
The second stimulus check is expected to be sent out in the coming weeks. Keep an eye on your mailbox and bank account for your payment. If you have any questions about the amount of your payment, you can contact the IRS for more information.
Second Stimulus Check: How much money would you get? Here are potential calculations
