Third Calculate Your Stimulus Payment

Stimulus Check Calculator

The American Rescue Plan Act of 2021, signed into law on March 11, 2021, provides for a third round of Economic Impact Payments, commonly known as stimulus checks. These payments are intended to provide financial assistance to individuals and families struggling during the COVID-19 pandemic.

The amount of your stimulus check is based on your income and filing status. Single filers with an AGI of $75,000 or less, and married couples filing jointly with an AGI of $150,000 or less, will receive the full amount of $1,400 per person. The payment amount is gradually reduced for higher incomes, and individuals with an AGI of $80,000 or more, and married couples with an AGI of $160,000 or more, are not eligible for a payment.

You can use our Stimulus Check Calculator to estimate the amount of your payment. Simply enter your filing status, AGI, and the number of dependents you claim on your tax return. The calculator will provide you with a personalized estimate of your stimulus payment amount.

The IRS began sending out the third round of stimulus checks in March 2021. Most payments were sent via direct deposit, but some individuals may receive a paper check or debit card in the mail. The IRS has an online tool where you can check the status of your payment.

If you have not yet received your stimulus check and believe you are eligible, you should contact the IRS. You can also claim the Recovery Rebate Credit on your 2021 tax return to receive the stimulus payment you are owed.

How to Use the Stimulus Check Calculator

The amount of money you get for the third stimulus check is based off of your most recent tax return. That means, if you haven’t filed your 2020 taxes yet, you’ll use the information from your 2019 tax return. Or if you have filed your taxes already, you’ll use the information from your 2020 tax return.

Step 1: Select your tax filing status.

Remember, this is your filing status for your most recent tax return. If your status has changed since then, stick with whichever status you filed last.

There are five options:

• Single
• Married Filing Separately
• Married Filing Jointly
• Head of Household
• Qualifying Widow(er)

While the Single and Married categories are straightforward, the Head of Household and Qualifying Widow(er) options can be a little more confusing. 

So, let’s break it down.

Head of Household is a filing status that gives a lower tax rate to unmarried folks who are taking care of dependents. To qualify, you must meet all three of these requirements:¹

• You are unmarried.
• You paid more than half of the cost of keeping up the home in that year (including expenses like rent or mortgage, insurance, taxes, utilities, mortgage interest, food costs, repairs and maintenance).
• You have one or more qualified dependents living with you for more than six months of the year (child, foster child, parent). Note: A dependent parent still qualifies even if they don’t live with you.

Qualifying Widow(er) is a status that allows you to keep all the benefits of the Married Filing Jointly status for two years after the year your spouse passes away.

We know—that sounds so impersonal. So first of all, if this is you, we’re sorry. It’s probably not easy to see those words on the screen. And it’s probably not the easiest situation to address. But we’re here to help answer all your money questions—even when they’re hard.

Now, if you filed as a Qualifying Widow(er), you will not receive a third stimulus check for your deceased spouse. But if your spouse died in 2020, you might be eligible for the Recovery Rebate Credit when filing your 2020 taxes.²

Step 2: Enter the number of dependents you claim.

Include all the children you claim as dependents on your taxes—even adult children. While the first two stimulus packages had an age limit for dependents, this round includes all claimed dependents, regardless of age. That means kids in college and adult children with disabilities.

Step 3: Enter your Adjusted Gross Income (AGI).

Adjusted gross income. Sounds scary, right? It’s actually not as scary as it sounds.

It means exactly what it says—your gross income adjusted.

Here’s how to get that number: Add up all the income you earn (before taxes are taken out), then subtract any adjustments or deductions, which could include:

• Student loan interest
• Health Savings Account deductions
• Retirement contributions
• Alimony payments (only if the divorce was before 2019)
• Educator expenses³

Why is your AGI important? It’s the number the IRS uses to determine how much of your income is taxable.

If you’re worried about having to calculate all these numbers on your own when filing your taxes, don’t be! That’s what a good online tax software (or tax professional) can do for you!

To quickly find your AGI, you can look at line 8b of your 2019 tax return (Form 1040). Or—if you’ve already filed for 2020, check line 11 of your 2020 tax return.