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Will your incentive check AGI change with 2020 taxes? Here’s What You Should Know



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Your AGI is crucial to your second stimulus check. We’ll show you where to find it on your taxes.

Sarah Tew / CNET

The season of the federal tax return officially opened in a few weeks, and this year your tax returns could play a crucial role getting back incentive money the IRS owes you the first and second stimulus controls as well as possibly affect a third payment, if and when Congress approves one.

The key to all of this – to your taxes and your past and future stimulus check totals – is your adjusted gross income, or AGI. We can help you understand what your AGI is, how to find it and how it turns out your second and possibly third stimulus check payments. (Your AGI also helps determine how much you may owe or due in taxes, and how much you are eligible to receive with the child tax creditYou also want to keep other details in mind, such as what happens if you receive SSI or SSDI, or if you are a non-finder.

CNET also has explanations for what happens to your stimulus payment like you are an older adult, as you have dependents, as you are a young adult or if you pay or receive child support. If your first or second check did not arrive, you will probably have to claim it as a chargeback discount on your taxes this year, or, in certain cases, contact the IRS to locate your missing money.

What is your AGI and what does this mean for your stimulus check?

Your AGI, or adjusted gross income, is the amount calculated from your total income that the IRS uses to determine how much the government can tax you. Your gross income is the sum of all the money you earn in a year, including wages, dividends, alimony, capital gains, interest income, royalties, rental income and retirement benefits.

After you deduct allowable deductions from your gross income (such as interest on student loans, alimony payments, or retirement contributions), the result is your AGI, or taxable income, which is used to calculate your income tax. Your AGI is reported on IRS tax form 1040, which you can find on line 11 on this year’s form.

Since it is a rough estimate of how much money you will bring in after deducting all of your income streams, the IRS has your AGI to calculate how much of the first stimulus check of up to $ 1,200 you could get. The second stimulus check also uses your AGI to determine which also gets up to $ 600 each. President Joe Biden has proposed a $ 1,400 payment for the third stimulus check, So Knowing the IRS’s calculation formula can help there too.


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How can your AGI help figure out how much money you are getting with an incentive payment?

The amount the IRS owes for the second stimulus control depends on your AGI, your filing status (single versus joint) and how many dependents you have. You can read our story at how to calculate how much money you should receive from a second stimulus check for some examples of how it will diminish for you depending on your situation.

As long as you meet the other stimulus check qualifications, single taxpayers with a Social Security number and an AGI of less than $ 75,000 will receive the full amount of $ 600. As your AGI increases, the amount you qualify for decreases. If your AGI is $ 87,000 or higher, you as a single taxpayer are no longer eligible for the stimulus check (which is lower than a close of $ 99,000 for the first check).

If you apply as a householder (that means you claim at least one dependent child), you will get the full check for $ 600 if your AGI is $ 112,500 or less. And if you are a married couple filing jointly with no children and your AGI is less than $ 150,000, you will receive a payment of $ 1,200. That amount would drop until you hit $ 174,000 (that figure was $ 198,000 on the first check).

How could my AGI change in my 2020 taxes and how that could affect a third stimulus check

Since your AGI is calculated based on all your sources of income for the year, it can fluctuate based on a wide variety of factors, including whether you got a raise or lost a job; if you have sold a house, received a bonus or received an inheritance; or if you have lost or gained money in the stock market.

It is not clear whether your qualify for income for a third stimulus check would be based on your 2019 taxes (as with the second check) or on your 2019 or 2020 taxes, whichever is last filed. The IRS used the most recently filed tax return to distribute the first incentive check (2018 or 2019), so there’s a precedent there.

How can you find your AGI if you filed your tax return in 2019?

If you’ve filed your 2019 federal tax return, pull out your printed data or PDF. If you have tax filing software such as TurboTax or H&R Block, you should be able to log in to those accounts to find a copy of your return.

You can find your AGI on line 8b of the 2019 1040 federal tax form.

How can you find out your AGI if you did? not Do you want to file a tax return in 2019?

If you didn’t file federal taxes in 2019, you can find your AGI on your 2018 federal tax return. On the 2018 federal tax form 1040, it is on line 7. It is on line 11 on the 2020 form.

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An IRS 1040 individual income tax form for the 2018 tax year. You can find your AGI on line 7.

Daniel Acker / Bloomberg / Getty Images

What if you can’t find your federal tax return?

If you just can’t find your tax return, you can find your AGI one of two ways:

Method 1: Go to the IRS ‘ Get transcript portal and choose Get transcript online. You will need your Social Security Number, date of birth, filing status and mailing address from your last tax return. You also need access to your email; your personal account number from a credit card, mortgage, mortgage loan, mortgage line or car loan; and a cell phone with your name on the bill. Once your identity has been verified, select it Transcript of the tax return and use only the Adjusted gross income line feed. You can view or print your data here.

Method 2: If you don’t have Internet access or the necessary identity verification documents, you can use the Get transcript portal and choose Receive a transcript by emailor call 1-800-908-9946 to request a copy of the tax return. It will take about five to 10 days to be delivered to you.

Does your AGI affect your family members?

If your AGI qualifies you for an incentive check and you claim dependents on your taxes, you can expect your final incentive payment to include $ 600 for each of your qualified dependent children unable to claim a stimulus check for themselves. There is no limit to the number of dependents you can claim under the age of 17.

For more information, read it key facts about stimulus checks now and to know what happens to a third stimulus check so far?.


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