Not even a week in office, President Joe Biden has started pushing Congress to move on his Biden said on Friday. "We have to act now." Biden's proposal includes a that would send per . If you want to see how much you might expect to receive, our calculator tool will lay it all out. But first, some things to know.. "We have to act,"
While the proposed third payment is more than twice the size of the, which maxes out at (and adds another $600 per ), Biden's plan for the also snips hundreds of dollars off the promised that had been . Biden and his administration are framing the $1,400 threshold as an addition to that earlier and bring the combined upper limit to $2,000 per person when you add up both checks.
But that could come with its own complications, too, including some early backlash that may . There's also the question of how a final stimulus bill would and . What would the new income threshold be -- and what is that, even? While nothing is certain until Congress passes a final new stimulus bill ( ), we'll walk you through some possible scenarios.
Stimulus calculator: Estimate your household total with a $1,400 check
As with the first two stimulus checks, the total per person limit isn't necessarily what you'd get in a final payment. Depending on circumstances such as your, eligible and , you could get a lot more or less.
The calculator below follows theso far, and keeps the $600 flat rate for child dependents from the second stimulus check. While it isn't clear if that total would change, Biden's proposal would include dependents of all ages, including college students and . You'll need your to get started. CNET's stimulus calculator does not store or use your personal details, and provides estimates only.
Calculate your $1,400 stimulus check total
Use details from your 2019 tax return.
1. Choose your filing status below.
2. What was your adjusted gross income (AGI)?
3. How many qualified dependents did you claim in your taxes?
$600 vs. $1,400 vs. $2,000: 8 examples to compare the upper limits
Going from $600 to a $1,400 or $2,000 check is a huge leap any way you look at it, and we wanted to highlight just what a difference the three numbers make with a handy chart below. These figures represent the highest amount a household could get, but remember that just like the first and second payments, there will be reasons.
We know that Biden wants to The People's Policy Project. Biden's proposal would also appear to include all families with mixed citizenship status; that is, where at least one family member .to dependents of any age, a move that would make approximately 13.5 million more adult dependents able to count toward the household total, according to
For now, we've kept the $600 flat rate per dependent in the chart below -- this figure could change when and if there's a final bill.
Stimulus check maximums: $600 vs. $1,400 vs. $2,000
||$600 stimulus check ($600 per child age 16 or under)||$1,400 stimulus check ($600 for dependents of any age)||$2,000 stimulus check ($600 per child age 16 or under)|
|Individual taxpayer, 0 dependents||$600 maximum||$1,400 maximum||$2,000 maximum|
|Head of household, 1 dependent||$1,200 maximum||$2,000 maximum||$2,600 maximum|
|Head of household, 2 dependents||$1,800 maximum||$2,600 maximum||$3,200 maximum|
|Head of household, 3 dependents||$2,400 maximum||$3,200 maximum||$3,800 maximum|
|Married couple, 0 dependents||$1,200 maximum||$2,800 maximum||$4,000 maximum|
|Married couple, 1 dependent||$1,800 maximum||$3,400 maximum||$4,600 maximum|
|Married couple, 2 dependents||$2,400 maximum||$4,000 maximum||$5,200 maximum|
|Married couple, 3 dependents||$3,000 maximum||$4,600 maximum||$5,800 maximum|
How the $1,400 sum automatically qualifies more people (for now)
When Congress dropped the second stimulus check limit to $600, it, simply because it (as ).
For example, with the first check, a single tax filer who earned under $75,000 since their previous tax return received the full $1,200. As theirlevel rose, the total they were entitled to receive dropped. After $99,000, they weren't eligible to get anything at all.
Fast-forward to the $600 maximum amount in the second check. The cutoff remained $75,000 to receive the total, but using the formula laid out in the text of the bill, the threshold to receive any amount of stimulus money as an individual (with no children) is an AGI of $87,000. Make more than that, and you're not eligible for a check.
A third stimulus check for $1,400 would raise that income threshold, making a single taxpayer eligible to receive a full or partial payment up to an AGI of $103,000. With a $2,000 stimulus check, that cutoff to receive a partial payment would be $115,000 for a single taxpayer. (According to the formula used by the IRS, and a $1,400-per-person limit, single taxpayers who make $102,900 a year would get a $5 stimulus check.)
Children change the equation, which is why we once again recommend using our stimulus check calculator for a better estimate of your personal financial picture.
Lawmakers seeking to target the third stimulus check could succeed in sending it to fewer people by changing the upper income limit, for example by making it smaller than $1,400 maximum. Or they could change the formula so fewer people could get a partial check. We'll have to wait and see what happens.
For more, here's how to , what to do and all the important things you need to know about .