President Joe Biden signed the $1.9 trillion American Rescue Plan into law last Thursday which is providing many Americans with a $1,400 stimulus check. This round of stimulus checks includes dependents, so many families will be receiving money for their college students.

Who is eligible for the stimulus?

The American Rescue Plan is giving the $1,400 direct payments to single people earning up to $75,000 but cuts off eligibility for single people earning more than $80,000. 

For couples who file a joint federal income tax return, stimulus money received begins begins dropping off to those who are making $150,000 and up to $160,000.

People who file their taxes as head of household will receive the full $1,400 if they earn less than $112,500. Payments will be cut off for those earning more than $120,000 per year.

Families will receive $1,400 for each dependent in their household. Dependents over the age of 16 didn’t qualify for the first and second checks, but a change here makes college students, older adult relatives, and people of any age with certain disabilities are entitled to receive money as part of the household total. 

When will I receive my stimulus?

The first wave of the stimulus checks has already begun being deposited in people’s bank accounts over the weekend. More stimulus checks will be sent out in the coming weeks, mostly by direct deposit but some people may receive checks in the mail.

You can track your stimulus via the IRS’s Get My Payment tool.

How can I calculate how much I’ll be getting in my stimulus?

Based on the plan, every eligible single person will receive a base amount of $1,400. Married couples who are eligible and file a joint tax will receive a base amount of $2,800. For each dependent, an additional $1,400 will be received. 

The amount a person will receive is directly based on their household income via their 2020 taxes if already filed. If a person has not filed, then the amount will be based on their 2019 taxes. 

How do my tax returns impact my stimulus?

It is likely that the stimulus will affect your tax returns. According to the IRS, the American Rescue Plan excludes the first $10,200 in benefits or unemployment compensation paid in 2020 from federal income tax for households with incomes that are below $150,000 a year. For many people, this will increase their tax returns.

What is the public opinion about these stimulus checks? Are they enough?

Based on a poll completed by Quinnipiac University in early February, prior to the signing of the American Rescue Plan, most Americans wanted another stimulus. The poll found that 78 percent of Americans supported the stimulus checks, including 90 percent of Democrats and 64 percent of Republicans.

Debra Murray can be reached at [email protected]. Follow her on Twitter @debramurrayy