1. What is the Third Stimulus Check?

The third stimulus check was part of the American Rescue Plan Act of 2021, providing economic impact payments of up to $1,400 per eligible individual plus $1,400 per dependent.

2. How Does the Calculator Work?

The calculator uses the stimulus payment formula:

Where:

• 1400 — Base amount per eligible person
• Dependents — Number of qualifying dependents
• Phaseout — Reduction based on income thresholds

Explanation: Payments phase out completely for incomes above $80,000 (single), $120,000 (head of household), and $160,000 (married filing jointly).

3. Importance of Stimulus Calculation

Details: Understanding your potential stimulus amount helps with financial planning and determining if you should expect a payment or need to claim it on your tax return.

4. Using the Calculator

Tips: Enter your adjusted gross income (AGI) from your most recent tax return, number of dependents, and filing status for the most accurate estimate.

5. Frequently Asked Questions (FAQ)

Q1: Who qualifies for the third stimulus check?
A: U.S. citizens and resident aliens with valid Social Security numbers, not claimed as dependents, and meeting income requirements.

Q2: What counts as a dependent?
A: Any qualifying child or relative you claimed on your tax return, including college students and elderly relatives.

Q3: How were payments delivered?
A: Most payments were sent via direct deposit, paper check, or debit card by the IRS.

Q4: What if I didn't receive my payment?
A: You may claim the Recovery Rebate Credit on your tax return if eligible but didn't receive payment.

Q5: Are stimulus checks taxable?
A: No, stimulus payments are not considered taxable income.