$11,000 Stimulus Check? Find Out How Much You Should Be Getting.

Stimulus Check

$11,000 Stimulus Check? Find Out How Much You Should Be Getting.

In order for a person to calculate exactly how much stimulus money they should be getting, a first have to see if they even qualify. After all, the Internal Revenue Service will not do the math for anyone and let them know the final amount.

 

Many Americans apparently believe that most of the roughly hundred sixty million coronavirus stimulus checks sent out under the American Rescue Plan are in the amount of $1,400.

It appears that is not always the case.

 

Be aware that many U.S. taxpayers have already received funds via direct deposit or traditional mail of $5,600, $7,000, or even an eye-popping $11,200.

In order for a person to calculate exactly how much stimulus money they should be getting, a first have to see if they even qualify. After all, the Internal Revenue Service will not do the math for anyone and let them know the final amount.

According to the $1.9 trillion legislation, individuals who earn as much as $75,000 in adjusted gross income (AGI), or couples making $150,000, in addition to their children or adult dependents, qualify for the full $1,400 per individual. And single parents with at least one dependent who earn $112,500 or less also get the full amount.  

Moreover, families in which some members have different citizenship and immigration classifications are eligible for a payment—if at least one person has a valid Social Security number.  

That said, the stimulus payments phase out much more quickly than in the previous two rounds—an individual with an income of $80,000, or a married couple with $160,000, will receive nothing this time around.   

After confirming eligibility to receive a stimulus check based on AGI, then take advantage of a stimulus payment calculator that’s widely available on the internet. There are plenty of them out there but be sure to use one from a reputable source.

If a taxpayer is still in the dark regarding the maximum payout, then that likely depends on how many dependents a person has.  

For example, let’s say that an individual qualifies for the maximum amount based on the AGI, and that they are a family of two adult joint filers with one dependent. In this particular case, they would be eligible to receive a total of $4,200.

With two dependents, the check would rise to $5,600, with three dependents $7,000, and so on. A large family with five dependents would net a little below $10,000.  

For those seeking a more specific date on when the stimulus payment will arrive, they can always log on to the handy IRS “Get My Payment” tool at www.irs.gov/coronavirus/get-my-payment.  

However, be aware that some individuals will receive a message that says, “Payment Status Not Available.”  

“If you get this message, either we have not yet processed your payment, or you are not eligible for a payment,” the IRS says. “We will continue to send the 2021 Economic Impact Payment to eligible individuals throughout 2021.”  

Others will receive a “Need More Information” message, which means that the stimulus check was returned to the IRS because the post office was unable to deliver it.  

Ethen Kim Lieser is a Minneapolis-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.