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Submitted By: someone
Answered: January 17, 2021 8:10 pm
Answered: January 17, 2021 8:10 pm
Is the new stimulus payment (round 2 for the economic impact payment) based on 2019 or 2020 AGI?
Distribution of the second round of stimulus payments to individuals began early in 2021. The payment amounts were based on 2019 AGI (obviously the IRS does not yet know 2020 AGI because 2020 returns have not been filed). When you file your 2020 return, you may be able to claim an additional amount in the form of the recovery rebate credit, based on your 2020 AGI.
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
