Third stimulus check rules could change: How much money would you get if they do?

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In December, a third stimulus check was synonymous with $2,000. Now it’s $1,400. And on Sunday, a group of 10 Republicans petitioned to make a third payment a maximum of $1,000 per qualified adult — with additional changes to the stimulus check formula that would have the net effect of sending the new payment to fewer people overall.

While Senate Majority Leader Chuck Schumer has reportedly rebuffed the GOP pitch as a non-starter, according to New York Daily News, the $600 proposal presents a different way of looking at a third stimulus check, one that could dramatically contract the amount your household would receive. Conversely, new qualifications for dependents and mixed-status families could increase your future third stimulus payment. The end result would depend on the final stimulus package as negotiations are poised to begin.

Though nothing is certain till Congress approves a third stimulus check (even the timeline is a struggle), we’ll walk you through some possible scenarios.

Stimulus calculator: This could be your total if a $1,400 check is approved

Let’s say that a third stimulus check does get approved for $1,400, with all the current rules in place. As with the first two rounds, the total per person limit isn’t necessarily what you’d get in a final payment. Depending on circumstances such as your adjusted gross income, eligible dependents and other qualifications, you could get a lot more or less.

For the sake of simplicity (and because there’s no formal stimulus bill quite yet) the calculator below follows the same formula the IRS used for both stimulus checks so far, and keeps the $600 flat rate for child dependents from the second stimulus check. President Joe Biden’s $1.9 trillion stimulus package proposal would seek to include dependents of all ages, including college students and older adults, so go ahead and add them now. You’ll need your AGI to get started. CNET’s stimulus calculator doesn’t store or use your personal details and provides estimates only…Read more>>

Source:-cnet