America finally received the news we've all been waiting for last night - a COVID-19 relief package and stimulus payments are on the way.

President Trump signed the bill on Sunday night after announcing a bit of back and forth on Twitter.

At up to $600 each, the checks are half the amount the government authorized earlier in 2020 under the CARES Act, but I can assure you the payments will bring some much-needed relief for families across the country.

So just how much will your check be? For the most part, the income bases remain the same as they did this summer when calculating if you'll receive the maximum amount in your check.

According to Business Insider, there are a few notable changes:

  • Child dependents are eligible for the same $600 payment as adults. There's no limit on the number of dependents an adult can claim.
  • Mixed-status families, where one spouse has a Social Security number and the other does not, are eligible to receive a stimulus check now and retroactively if they were disqualified under the CARES Act.
  • The $600 check decreases incrementally as adjusted gross income rises to a certain point.

To make it a bit easier for you, check out this calculator from Omni Calculator.

Second Stimulus Check Calculator - $900 Billion Bill

If you don't file taxes or if you receive federal benefits such as Social Security retirement or disability, you'll get the maximum check for an individual:

  • Single filers with an AGI below $75,000 get $600.
  • Heads of household with an AGI below $112,500 get $600.
  • Married, joint filers with an AGI below $150,000 get $1,200.
  • If you have dependents under age 17, you'll get an additional $600 per child.

The Biden administration has promised that more relief money will be on the way once the president-elect is officially sworn into office.

 

 

KEEP READING: Here are the best places to retire in America