New stimulus
Hi Terry, my wife and I made under 150k for tax year 2019. In 2020 we made over 160K. We have not filed 2020 yet. If the stimulus is passed soon and if we haven’t filed 2020 taxes yet, will they go by 2019 taxes for the new stimulus? Thanks
Terry Says
No. The $600 stimulus from January and any upcoming stimulus will be based on your 2020 tax return. Work with an accountant to see if there are ways to reduce your adjusted gross income for 2020 before you file your return. For example, a contribution by each of you to a deductible IRA if you qualify (and which can be done till the date of your tax return) would reduce your AGI.
