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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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Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
