Republican and Democraticthis week with the Senate adjourned, leaving many financially struggling Americans anxiously waiting to hear if will pass — and with it, a .
Just like the Heroes Act) would be based on your adjusted gross income, or AGI, from your . (Some people may even get even without in 2020.)that came with the in March, the under another stimulus act (e.g., the Republican or the Democratic
While the HEALS Act and Heroes Act differ, they both include the same stimulus check provision as the CARES Act did: There’s up to $1,200 for single filers with an AGI of $75,000 per year, or $2,400 for joint filers earning under $125,000 per year.
Here’s what an AGI is, how to find it and how can you use it to estimate how much money you’ll receive from a second stimulus check, assuming a new bill passes.
What is an AGI and why do you need it?
Your AGI is your adjusted gross income — a measure of income calculated from your total income to determine how much the government can tax. 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 distributions. AGI factors in allowable deductions from your gross income (like student loan interest, alimony payments or retirement contributions) to figure out how your income tax will be calculated. Your AGI is reported on IRS tax form 1040.
Since it’s a rough estimate of how much money you’re bringing in after deductions from all your streams of income, the IRS uses your AGI to calculate how much of the maximum of $1,200 stimulus check you can get.
How to find your AGI if you filed taxes in 2019
If you filed your 2019 federal tax return, pull out your printed records. If you used tax-filing software like, you should be able to log into those accounts to find a copy of your return.
You’ll find your AGI on line 8b of the 2019 1040 federal tax form.
How to find your AGI if you did not file taxes last year
If you didn’t file federal taxes in 2019, you can find your AGI on your 2018 federal tax return. On the 2018 1040 federal tax form, you’ll find your AGI on 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, you can find it in two ways:
Method 1: Go to the IRS’s Get Transcript portal, and choose Get Transcript Online. You’ll need your social security number, date of birth, filing status and mailing address from your latest tax return. You’ll also need access to your email, your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or car loan, and a mobile phone with your name on the account. Once your identity is verified, select the Tax Return Transcript and use only the “Adjusted Gross Income” line entry. You’ll be able to view or print your information 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 Get Transcript by Mail, or call 1-800-908-9946 to request a Tax Return Transcript. It’ll take about five to 10 days to be delivered to you.
How to use your AGI to figure out how much stimulus money you’ll get
Should the HEALS Act pass, how much money you’d get from a second stimulus check depends on your AGI, your filing status (single versus joint) and how many dependents you have. You can check out our story onfor some examples on how it could break down for you depending on your situation.
Single taxpayers with a social security number and an AGI under $75,000 will receive the full amount of $1,200. As your AGI goes up, the amount you’re eligible to get decreases. If your AGI is $99,000 or above, you won’t be eligible for the stimulus check.
If you’re filing as head of a household, you’ll get the full $1,200 check if your AGI is $112,500 or less. The amount will decrease until you reach $146,500, at which point you are not eligible.
If you’re a married couple filing jointly without children and your AGI is below $150,000, you’ll get a $2,400 payment. That amount will decrease until you hit $198,000, at which point you’re not eligible for a check.
The HEALS Act and the Heroes Act differ when it comes to child dependents. If the HEALS Act passes, you can expect to get $500 per dependent. If the Heroes Act passes, you can expect to get $1,200 per dependent, with a maximum of three.
For more, find outand . If you still haven’t gotten a first stimulus check, you can , learn and find possible .
Katie Conner contributed to this story.