At the moment, many people have already received their $1,400 stimulus checks. If you still do not receive your stimulus check, this article will show you how to get it plus we will also show you how to calculate it using the calculator.
But before that, you should be an eligible holder of the stimulus check, and computations will vary according to the individual who has received it. The IRS (Internal Revenue Service) formula, as a result, will produce a different calculation to anyone.
In some instances, a person could only check out $600 or $1,200, but others can acquire a maxed-out check of $1,400. The number of dependents per household is also a factor of the calculation with regards to the total family income.
How to Use Calculator for $1,400 Third Stimulus Check?
In a report by CNET on Sunday, Mar. 21, the user will first need to enter the adjusted gross income (AGI) in the calculator. Moreover, you need to fill in the information for the dependents and do not worry as the calculator will not record any personal details that you entered in it.
Also, you need to consider your 2020 tax return to make up for the missing money from your stimulus check. Some cases can affect it. For instance, if a baby was born in 2020, this could likely contribute to your stimulus check change, so the tax season is important for this calculation.
One change that the Senate has revised is the reduction of the upper-income limit for the individual's check. It was reported that if you are a single taxpayer who has an AGI equal to or over $80,000, you will not be entitled to receive the $1,400 stimulus check.
The same goes for the head of the household with an AGI of equal to or more than $120,000 and those who belonged to file their taxes jointly, or those qualified married couples whose AGI is equal to or over $160,000.
Remember that this calculator will only estimate how much you will receive. If it yields a different amount, most likely that you will receive the remainder of the payment later.
The following details require the permission of the user for the stimulus check calculator:
Choose your filing status (Single, Married, or Head of the Household)
What was your adjusted gross income (AGI)?
How many qualified dependents did you claim in your taxes?
After writing all the necessary information, you can now see your estimated stimulus payment.
How to Get your $1,400 Third Stimulus Check?
On Sunday, Mar. 21, ABC 8News reported many people have been asking how to receive the third stimulus check. For Liberty Tax Certified Public Accountant Juliette Sykes, people should be aware of the appropriate steps to get it.
Sykes noted that a person who wants to acquire it should know that the recent stimulus check is based on your 2019 taxes. File it immediately so the authorities could acknowledge your application. However, if you have not filed your 2019 taxes, proceed to file your 2020 taxes instead.
You can still claim it via recovery rebated which is through the 2021 return. The previous stimulus checks, $1,200 and $600 depend on the 2020 tax returns before you claim them.
Meanwhile, for the 2020 unemployment income, the American Rescue Plan crafted by President Joe Biden will make the first $10,2000 of the checks will not be taxed.
Many tax software companies have already collaborated with the IRS to know if people can still revise their tax returns so they could acquire the checks.
This article is owned by Tech Times.
Written by Joen Coronel
