Financial Calculators and Tools

Second stimulus check calculator: Figure out how much money you could get

A second Covid relief bill will send money to most Americans. Find out how much you could get.

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On Sunday, President Donald Trump signed into law a $900 billion Covid-19 relief package, which includes a second round of stimulus checks, among other provisions.

Under the new legislation, most adults will receive a direct payment of up to $600 — down from the $1,200 payments included in the first stimulus package — as well as up to $600 per child. There is no limit to how many children could count toward your stimulus check, as long as they are 16 or younger and claimed as dependents.

There is a possibility the payments could increase. After President Trump put pressure on Congress to put more money in Americans' pockets, the House voted Monday to increase the payments to as much as $2,000. The bill is now in the hands of the Senate, where Majority Leader Mitch McConnell has not said if he would bring it up for a vote.

With whichever figure lawmakers settle on, the amount you could get will depend on how much you earn, whether you're married, and if you have dependents. Adult dependents, such as college-aged children or elderly adults, do not qualify for additional funds.

Americans who qualify will likely get their payments of up to $600 from the signed bill promptly, Treasury Secretary Steven Mnuchin said last week. A senior Treasury official told CNBC said the department expects to start making the payments this week. If Congress does approve the $2,000 stimulus checks, the department will issue new payments for the difference.

This calculator can help you figure out how much money you could get in your second stimulus check.

How does the government determine how much I'll get? 

As was the case with the CARES Act, the government will base the amount you receive on the adjusted gross income, or your income minus certain deductions, that you reported on your most recent taxes. If you didn't file 2019 taxes, they'll look at what you reported for 2018. 

Individuals who earn up to $75,000 a year will be eligible for a one-time maximum relief payment of $600. If your income is more than $75,000 but less than $87,000, you're eligible for a reduced payment. If you're in this range, the amount you receive will taper off the higher your income is, with the total amount reduced by 5% of the amount by which your income exceeds $75,000. 

Does the amount change if I'm married?

If you're married and filing jointly, the two of you are eligible for a $1,200 check, as long as your combined adjusted gross income is less than $150,000 a year. If you and your partner earn more than $150,000 but less than $174,000, you're still eligible for a reduced payment based on the same 5% calculation.

If I'm a parent, do I get more money? 

As a parent, you may also receive up to an additional $600 per child, no matter your filing status. The CARES Act rules, which limited qualified dependents to those under 17, are still in place.

If you're a single parent and you earn less than $112,500 a year, which usually means you file your taxes as a "head of household," you're eligible for the $600 check, plus $600 per eligible child. The same gradual phaseout scale applies for such filers with incomes exceeding $112,500.

Do I qualify if I don't have an income? 

If you're retired or if you're disabled, you're still eligible to receive that $600 check, as long as your Social Security benefit income doesn't exceed the individual limit. 

How will I get my second stimulus check?

If you set up direct deposit with the IRS, the government will send your relief payment to the bank account information they have on file, meaning you should receive the funds more quickly.

If you don't have direct deposit set up, you will receive either a check or a prepaid debit card in the mail. At a recent congressional hearing, Mnuchin vowed to improve the delivery of debit cards, many of which got mistaken for a scam the last time around.

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