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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
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
