Negotiations for another coronavirus relief package have been ongoing for the past three months now. However, the lawmakers have failed to reach a deal. Hopes of a deal are fading fast with an election close by, but they aren’t dead yet because negotiations are still ongoing. If somehow, lawmakers do reach a deal on the coronavirus relief package and stimulus checks, then your AGI (adjusted gross income) will be the sole criteria to determine how much money you would get.
Coronavirus stimulus checks: why is AGI important?
Both Republicans and Democrats are in favor of sending stimulus checks of $1,200 to eligible Americans. However, differences over other provisions, such as aid to states and local governments, have so far blocked the stimulus deal.
The negotiations, however, are still ongoing, and there are chances (though slim) of reaching a bipartisan deal. Under the CARES Act, all eligible Americans with AGI less than $75,000 ($125,000 for joint filers) got a coronavirus stimulus check of the full $1,200. Those with AGI above $99,000 received no money.
If Congress approves a second round of coronavirus stimulus checks, then they are likely to use the same criteria (as the CARES Act) for the AGI cut-off and other things. In such a case, it is very important for you to know what your AGI is or where you could find it.
AGI is a tax concept that the IRS uses to calculate your income for tax purposes. If you don’t know your AGI, then you can use your 2019 tax return to find it. Your AGI will be on line 8b of the 2019 federal tax form 1040. In case you don’t have your 2019 tax return, then you can use your 2018 return. The AGI will be on line 7 of the 2018 Form 1040 tax return.
How to find your AGI
If you don’t have your tax return with you, then also there are ways to find your AGI.
The first method is to request it online. For this, you need to visit the IRS’ Get Transcript portal and select Get Transcript Online. To make a request online, you need to input your Social Security number, date of birth, filing status and mailing address.
Further, you also need access to email; a mobile number in your name; a personal account number from a credit card, car loan, home equity loan and home equity line of credit. Once the portal verifies your identity, you need to select the Tax Return Transcript and then check your AGI.
Another method is to request your Transcript via mail. This method is useful if you don’t have the required documents. You can go to the Get Transcript portal and then select Get Transcript by Mail. Alternatively, you can also call 1-800-908-9946 to request your Tax Return Transcript. It may take about five to ten working days for the transcript to reach you.
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