Question

My income last year was high but I'm still laid off since July 2020. How will my 3rd stimulus payment be calculated?

Forum|Forum|5 years ago
March 4, 2021
1 reply
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TurboTax Online

We don't have specific information on the income qualifications or procedures for the third stimulus payment because the measure hasn't been passed yet. However, if you had issues receiving your earlier stimulus, then the best way to ensure that you are one of the first to receive any future stimulus payments is to file your 2020 tax return as early as possible and use direct deposit so that the IRS will have your updated information.

You can find the most up to date information from the IRS here, and updates from TurboTax here as they develop.”

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L

lexikenzi8Author

Yes I see it is taking more time to get the agreements in the Government than I thought. I 'll ask again once it has passed. But the question still exists somewhat because I did receive a full 2nd stimulus check but never heard what the criteria was for that. Trying to get my taxes done, but AGI still will be high although I was laid off in July 2020. Will they see I received unemployment benefits last year and still receiving them this year? And with little prospects for the aerospace industry to come back anytime soon, getting my job back or a similar job is pretty daunting. Thank you AB

LenaH

Although not enacted into law yet, it is likely that the third stimulus payment will be based off of the last tax return filed. If you already filed your 2020 return, then it will use the adjusted gross income (AGI) off of the 2020 return.

The IRS will not look at the details of each return to determine whether you or you should get the third stimulus payment. It will be based solely on adjusted gross income, as it has been previously. Therefore, if your adjusted gross income (AGI) was over a certain amount, you may not qualify (even if you were unemployed in the middle of the year).

The criteria for the second stimulus was:

Be a US citizen or resident alien.
Not be claimed as a dependent on someone else's tax return.
Have an Adjusted Gross Income (AGI) up to $75,000 for individuals and up to $150,000 for married couples filing joint. If your AGI is above this amount, your payment will be reduced.

@lexikenzi8

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