Stimulus update: Here’s how much money you will get in 2021

It seems unlikely that the federal government will distribute a fourth stimulus check at this time.

But you may be surprised with how much stimulus money you will receive from the federal government by the end of the year.

The reality is, the majority of Americans have gotten or will get thousands of dollars in stimulus funds deposited into their bank accounts this year.

According to an analysis from the Institute on Taxation and Economic Policy, the average American making less than $65,000 per year will receive an average of $3,450.

That number increases for lower salaries and decreases for higher salaries.

The $3,450 number also does not include money from the expanded child tax credit implemented earlier this year.

According to The Motley Fool, the chart below shows how much stimulus money you can expect to get from the federal government by the end of the year. It is based on income tax brackets and includes money from stimulus checks, earned income tax credit, and child tax credits.

Income range Stimulus money from cash and tax credits
$21,300 in income or below $3,590
$21,300 to $39,800 $3,340
$39,800 to $65,000 $3,370
$65,000 to $111,300 $3,540
$111,300 to $247,400 $2,830
$247,400 to $601,700 $280
$601,700 and above $50

Low-income households are benefitting the most from the stimulus this year. Those with a salary under $21,300 will see close to a 33% increase in their income because of the stimulus bills lawmakers passed.

Higher earners get smaller amounts of relief because they exceed the income thresholds to qualify for the stimulus check, the enhanced child tax credit and/or the earned income tax credit. For example, high earners making between $111,300 and $247,400 will get just a 1.8% boost to their salary.

While the intent of the stimulus money is to ensure people make it out of the pandemic financially unscathed, concerns about rising COVID-19 cases and the Delta variant are causing people to remain on edge.

And despite all this help from the government, many people are still calling for a fourth stimulus check. For example, more than 2.7 million people have signed a Change.org petition in hopes of $2,000-per-month payments.

Related stories about the stimulus:

$1,000 bonus checks are being sent to some people; here’s who gets them

Stimulus check update: $2,000 monthly payments? Petition has over 2.7 million signatures

Is a 4th stimulus check coming in 2021?

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Katherine Rodriguez can be reached at krodriguez@njadvancemedia.com. Have a tip? Tell us at nj.com/tips.