Just like thatthat accompanied them in March the under another Stimulus Act would be based on your Adjusted Gross Income, or AGI of yours . (Some people can even get even without further direct payment in 2020.)
The suggestions we’ve seen so far are these. While they are different, both contain the same stimulus testing provision as the CARES Act: there is up to $ 1,200 for single applicants with an AGI of $ 75,000 per year, or $ 2,400 for joint applicants earning less than $ 125,000 per year. While the Senate is initially planning to introduce one next week that doesn’t include funding for a second boom could lead to other smaller bills that include that money.
Here’s what an AGI is, how to find it, and how to use it to estimate how much money you will get from a second stimulus check, assuming a new bill is passed.
What is your AGI and why do you need it?
Your AGI is your Adjusted Gross Income – a measure of income that is calculated from your total income to determine how much the state can tax. Your gross income is the sum of all the funds you earn in a year, including wages, dividends, alimony, capital gains, interest income, royalties, rental income, and retirement payments. AGI takes into account allowable deductions from your gross income (such as student loan interest, alimony, or retirement contributions) to determine how your income tax is calculated. Your AGI is reported on the IRS Tax Form 1040.
Since this is a rough estimate of how much money you will bring in after all of your income streams have been subtracted, the IRS will use your AGI to calculate how much of the $ 1,200 maximum stimulus check you can get.
How To Find Your AGI If You Filed Taxes In 2019
When you’ve filed your 2019 tax return, pull out your paperwork. If you have used tax return software likeyou should be able to log into these accounts to find a copy of your return.
You can find your AGI in line 8b of the 2019 federal tax form 1040.
How to find your AGI if you haven’t filed taxes in the past year
If you did not file federal taxes in 2019, you can find your AGI in your federal tax return for 2018. On the 2018 federal tax form 1040, you will find your AGI in line 7.
How to find your AGI if you don’t have a copy of your tax return
If you just can’t find your tax return, there are two ways to find it:
Method 1: Go to the IRS Get the transcript Portal and choose Get the transcript online. You need your social security number, your date of birth, your registration status and your postal address from your last tax return. You will also need access to your email address, personal account number from a credit card, mortgage, home equity loan, line of credit or car loan, and a cell phone with your name on the account. Once your identity has been verified, choose the one Tax return transcript and only use the “Adjusted Gross Income” Line entry. Here you can display or print out your information.
Method 2: If you don’t have internet access or the required documents to verify your identity, you can use them Get the transcript Portal and choose Received transcript by emailor call 1-800-908-9946 to request a tax return. Delivery to you takes around five to ten days.
How to use your AGI to find out how much stimulus money you could get
Should the HEALS law pass, how much money you would get with a second stimulus check depends on your AGI, your registration status (single versus joint) and the number of your loved ones. You can read our story onSome examples of how it can collapse for you depending on the situation.
Individual taxpayers with a Social Security Number and AGI under $ 75,000 will receive the full amount of $ 1,200. As your AGI increases, the amount that you are entitled to decreases. If your AGI is $ 99,000 or more, you are not eligible for stimulus testing.
Filing as head of household will give you the full check for $ 1,200 if your AGI is $ 112,500 or less. The amount will decrease until you reach $ 146,500. From this point on you are no longer authorized.
If you are a married couple filing together with no children and your AGI is less than $ 150,000, you will receive a payment of $ 2,400. This amount will decrease until you reach $ 198,000. From this point on, you will no longer be eligible for a check.
The HEALS Act and the Heroes Act differ when it comes to child addicts. If the HEALS Act is passed, you can expect to receive $ 500 per dependent. If the Heroes Act passes, you can expect to get $ 1,200 per dependent, up to three.
More information can be found hereand . If you haven’t received an initial stimulus check, you can , learn and find possible .
Katie Conner contributed to this story.