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Why you must know your AGI to know how much you will receive in a second stimulus check | The race

The IRS uses this information to know how much money to give you in the stimulus check

On the first stimulus check, they gave $ 1,200 to people who had an AGI below $ 75,000 a year.

Photo: Scott Olson / Getty Images

On this day, the Senate returned from its recess that began in August, and now Negotiations to approve a second stimulus package are expected to resume, since citizens, affected by the crisis, have been waiting months for the delivery of another stimulus check.

Both Democratic and Republican leaders say they want to provide, at most, up to $ 1,200 per adult, but the exact final amount each person will receive will depend on their adjusted gross income, or AGI, for its acronym in English.

The AGI is a calculation of your income that the government uses to know how much it can charge you in taxes. Your AGI is the sum of all the money you earn in a year, according to CNet.

Since AGI is a rough estimate of how much money you’re making, the IRS also used it – and will likely use it again – to calculate how much money to give you in a stimulus check, which is expected to be up to $ 1,200. .

On the first stimulus check, gave $ 1,200 to people who had an AGI below $ 75,000 a year. So, if the second stimulus check is distributed under the same terms, you will know if you are entitled to receive the full amount.

Find your AGI

If you filed your 2019 tax return, you can find your AGI in your paper records. If you filed them through software, you should find them in that same program on your return copy. You will find their AGI on line 8b of the 2019 federal tax form 1040.

If you did not file taxes last year, you can find your AGI on your 2018 federal tax return. On the 2018 1040 tax form, you will find your AGI on line 7.

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