After days of back-and-forth heated debate on partisan lines, the Senate passed its version of the coronavirus stimulus bill. Included in that bill is a relief check for qualifying individuals of up to $1,200 for individuals and $2,400 for couples.
The bill still needs to go back to the House of Representatives and then be signed into law by President Donald Trump before the checks can be sent out, but the Senate represented one of the largest hurdles in the process.
So how do you know how much you may be getting?
It’s based on your adjusted gross income in your 2019 tax filings — or 2018 filings if you haven’t filed yet. Individuals who make $75,000 a year or less, and heads of households who make $112,500 or less, all qualify for the full amount of $1,200.
Married couples who file their taxes jointly who make $150,000 or less qualify for all of the $2,400.
But what if your income is higher than those amounts?
Once you hit those limits, your check would be reduced by 5% of the total amount you earn above those limits. (The stimulus checks phase out entirely for single filers with incomes of $99,000 or higher and $198,000 or higher for married couples filing jointly).
If you really want to do the math, here’s an equation for figuring out how much you might be getting: Take the total amount you earn over $75,000 (or $150,000 for married couples filing jointly) and multiply it by 0.05. Then subtract that amount from 1,200.
Here’s a quick rundown on what stimulus checks will look like with a variety of incomes .
For single earners:
- If you make $75,000 a year or less, your check will be $1,200
- If you make $80,000 a year, your check will be about $950
- If you make $85,000 a year, your check will be about $700
- If you make $90,000 a year, your check will be about $450
- If you make $95,000 a year, your check will be about $200
For the heads of households
- If you make $112,500 a year or less, your check will be $1,200
- If you make $117,500 a year your check will be $950
- If you make $122,500 a year your check will be $700
- If you make $127,500 a year your check will be $450
- If you make $132,500 a year your check will be $200
For married couples who file taxes jointly:
- If your household makes $150,000 a year or less, your check will be $2,400
- If your household makes $160,000 a year, your check will be about $1,900
- If your household makes $170,000 a year, your check will be about $1,400
- If your household makes $180,000 a year, your check will be about $900
- If your household makes $190,000 a year, your check will be about $400
The bill also provides an extra $500 for every child under 17 claimed by each filer, regardless of how much they are making. If you have children, use the previous equation and then add $500 for each child you claim on your taxes to get the amount you will receive in your stimulus check.
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