THIS is the new stimulus check calculator that reveals how much money you will get sent in January.
Omni Calculator has created a Second Stimulus Check Calculator to help Americans find out how much money they are eligible for – and its extremely easy to use.
And once President Donald Trump signs the $900billion stimulus deal – which was passed by Congress on Monday – relief payments could be issued as early as next week.
To use the calculator, all that needs to be filled out are four fields of questions.
The first question asks if you've filed your 2019 tax return and the second allows the calculator users to choose their specific filing status -consisting of "single, married, or head of household."
The third question requests the number of child dependents under the age of 17.
Lastly, the calculator needs your AGI – adjusted gross income – which can be located on tax forms.
According to the website: "To qualify for a payout, you have to be a U.S. resident with a social security number.
"You don’t need to have paid any taxes recently, but you must have at least filed your paperwork or fall under one of the special eligibility categories such as receiving SSI."
The calculator was created following the Senate's passing of the emergency coronavirus legislation at around 11.42pm on Monday – after two weeks of tense talks between Republicans and Democrats.
Two hours after it passed in the House, United States senators approved it with a 92-to-6 vote.
It includes $600 for individuals and $2,400 for families (two adults, two children or dependents), $300 weekly federal unemployment benefits, small business aid, and funds for schools and universities.
Families are getting the most out of the second relief package as they are getting more money for each child, according to reports.
The stimulus bill paperwork is on its way to Trump's desk with the White House confirming that he plans to sign it in the coming days.
The $600 payment for dependents is up from the $500 checks that children received through the Cares Act earlier this year.
However, the $600 will be directed toward each dependent child under 17 years old, meaning dependents like college students and older high school students won't qualify for the checks.
Because the IRS doesn't consider stimulus payments to be income, Americans won't be taxed on these checks, reported CNET.
Additionally, the IRS won't use it to pay back any taxes you owe so it won't decrease your 2021 tax refund in or up the amount you owe when you're filing.
The individual payout for people earning $75,000 and married couples earning $150,000 has been slashed in half, reported CBS News.
As well as the $600 payouts, the package includes an extra $300 weekly federal unemployment benefits, small business aid, and funds for schools and universities.
People who are out of work will get their regular state unemployment payments as well as $300 on top of that through March 14, 2021.
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